Karousos was briefed today by the holder of the contract, Kition  Ocean Holdings, over the Master Plan of the project expected to be  completed in four phases.

In statements to the press, Karousos said the investor presented the  Master Plan submitted to the Ministry for approval, 

adding the Master  Plan will be submitted to the Department of Town Planning and Housing  for the final approvals.

“This is the largest investment in Cyprus to date with a €1.2-billion budget,” Karousos said.

The project provides for the expansion and redevelopment of the  existing Larnaca Port and Marina in combination with the real estate  development of the area.

On his part, Panos Alexandrou, CEO of Kition Ocean Holdings said the  company completed a “significant landmark” with the submission 

of the  project’s Master Plan, adding the plan is expected to receive the final  approval within the next ten days.

“All proceed as scheduled and we are ready to begin construction  work, hopefully by April 1,”

 he said, adding that the first works will  be the upgrading of the port’s existing pier followed by other

  infrastructure works necessary for the completion of the project.

He said the €1.2-billion project will be completed in the next 12  years while

 the first phase will be completed in the next five years.