Government Advances Lease Tenders for Pentakomo Fish Farms Project

June 11, 2024

Over the objections of the auditor-general and environmental groups, it was reported on Monday that the government is going ahead with the tenders’ process for the construction of fish farms in the area of Pentakomo. The €34 million project is being run by the Department of Fisheries and Marine Research.

Both the auditor-general as well as environmental groups have demanded the carrying out of a full environmental impact assessment study before the projects get the green light. They say anything short of that is not good enough, as the area in question is home to marine habitats and sea caves used by the Mediterranean monk seal, an endangered species.

Marina Argyrou, director of the Department of Fisheries and Marine Research, told the StockWatch news outlet that they have already sent their views to the auditor-general, addressing his observations. She also dismissed the concerns voiced that the planned facilities will have an adverse impact on the area or the Mediterranean monk seal.

The project is to be funded by the Recovery and Resilience Facility. It will include the construction of breakwaters, dredging of the docking area for boats, an access road to the facility and roads inside the compound, as well as buildings, warehouses, offices and other premises. Under the plans for the facility, the planned harbour will be able to serve at least 35 boats engaging in aquaculture.

Lease and Tender Details

Four bids have been submitted for the construction contract:

  • Consortium of Kepa Attikis ΑTE CG Kokias Ltd for €33.9 million
  • Consortium of Araco Construction CY Ltd for €34.5 million
  • Consortium of J/V Construction Company Christopher D Construction SA Iacovou Construction for €37.8 million
  • Archimedes-Medcon JV for €43.6 million

The call for tender for the aquaculture facility was issued in March 2024. However, planning for the project dates back to 2014. In April of this year, the auditor-general’s office released a report calling for a new study on siting the fish farms, after questions were raised about the suitability of the proposed facility, to be situated close to a ‘Site of Community Importance’.

The Audit Office’s key finding is that the Department of the Environment and the Department of Fisheries and Marine Research had not produced an adequate scientific analysis regarding the potential environmental impacts of the fishing farm on sea caves used by the Mediterranean monk seal.

.
The government is proceeding with fish farm tenders in Pentakomo to boost economic growth and create jobs. Officials argue that the project includes stringent environmental safeguards to address concerns raised by the auditor-general and environmentalists, ensuring sustainable development.

Can the Department of Fisheries and Marine Research ensure sustainable practices in the new Pentakomo fish farms?

Send a request and get a free consultation:

Business Cyprus News

July 2026
Cyprus Economic Growth Indicator Stable in June Amid Lease Trends
The year-over-year growth rate of the Cyprus Composite Leading Economic Index remained stable in June. This stability is attributed to opposing trends within the economic indicators. The University of Cyprus noted these findings in their monthly report, highlighting the importance of lease agreements in the market.
Tourism Sector Sees Growth with New Hotel and Entertainment Leases
A surge in investment for tourism development, including hotels and entertainment venues, is underway. Efforts focus on upgrading staff, food, and service quality. Tourist arrivals have increased by 8% annually, supported by favorable planning policies. Leasing opportunities are also expanding.
Businesses in Cyprus Seek Lease Adjustments Amid Heatwave Challenges
A major tech firm has signed a 10-year lease for a new office space in downtown San Francisco. The move aims to accommodate the company's expanding workforce and foster innovation. This strategic decision reflects the firm's commitment to growth and its confidence in the city's business environment.
Cyprus Banking Guide
Discover everything you need to know about banking in Cyprus with our comprehensive guide. Learn about opening accounts, managing finances, and navigating the local banking system with ease. Our guide provides clear, concise information to help you make informed financial decisions.

Cyprus visa guide

  • Travel visa basics
  • Cyprus application process
  • Check visa status
  • Online visa verification
    Thanks for the apply!
    We will get back to you within 1 business day
    You can schedule a call time at your convenience now:
    In the meantime, you can get a free consultation
    with our AI-assistant