Cabinet on Wednesday declared the port authority as an institution to undergo denationalisation, marking the start of the process at Limassol port’s commercial department, deputy government spokesman Victor Papadopoulos said.
Speaking after a Cabinet meeting at the Presidential Palace, Papadopoulos told reporters that the privatisation of the Ports Authority involves the long-term licensing of right of use, management or exploitation of the port’s commercial department to the extent and manner that will be determined in the next stage with the contribution of specialised advisers who will be recruited.
He also said that the entire denationalisation process will be carried out by the Ministry of Communications.
The deputy spokesman explained that the government is starting the process with the Ports Authority instead of the other semi-organisations including Cyta telecoms and the ElectricityAuthority as the commercial department is readily available to launch the process.
“It has been found that at the moment the best option is to start the denationalisation immediately at the Ports Authority and especially the commercial activities of the department at Limassol Port,” Papadopoulos said.
A privatisation bill, necessary under the bailout accord, was passed earlier this month amid public protest and strike action.