Port Authority outlines €350m Vasilikos expansion and €52m Latchi investment

The Cyprus Ports Authority (CPA) has reaffirmed its commitment to two major infrastructure projects, the industrial expansion of the Vasilikos port and the sustainable redevelopment of the Latchi marina, as it marks 52 years of service to the Republic of Cyprus.

During a recent media briefing held at the Vasilikos Cement Plant, CPA Director General Anthimos Christodoulides presented the Authority’s strategic direction, referring to existing development plans that aim to boost long-term economic resilience and position Cyprus as a key maritime and energy hub in the Eastern Mediterranean.

“These projects reflect our stable growth and the Authority’s role as a driver of economic development,” Christodoulides said. He added that CPA’s profitability has increased significantly in recent years, with net profits rising from €13.5 million in 2023 to €21 million in 2024 and expected to reach €27 million in 2025.

As Christodoulides said, one of the core projects was the expansion of Latchi port, which includes the addition of 184 berths and the development of onshore facilities for boat maintenance, refueling, dining, entertainment, government services, and administration.

The €52 million investment, as he said, to be fully funded by CPA reserves, will transform Latchi into Cyprus' first "green" port, incorporating circular economy principles, renewable energy sources, and advanced waste management systems.

Christodoulides also discussed the Authority’s promotion of the Vasilikos port expansion into a full-scale industrial terminal, a project already backed by the Cabinet’s decision to keep the facility under CPA’s management.

He said that in January 2025, CPA submitted a proposal for EU co-funding through the "Connecting Europe Facility" (CEF) programme. The expansion plan includes nine new quays (total length: 2,355 metres), new breakwaters, dredging of the approach channel, and development of 334,000 m² of surrounding land, including the former BBC site.

Phase A of the project, with a budget of €85 million, is pending approval for €38.5 million in CEF funding. Total construction costs are projected at €350 million, with estimated annual capacity reaching 1,772 ships.

According to CPA estimates, the expanded Vasilikos port could generate total revenues of €767.7 million between 2027 and 2063, including €430 million from land-use fees. The port is also set to support green energy infrastructure, such as shore-to-ship power supply and production of alternative marine fuels.

The briefing took place on 31 May.

(Source: CNA)