Limassol shipyard operator FAMA, enters deal with Petrogress (Correct)

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(Corrects reference to Petrogress participation in second paragraph)

By Stelios Orphanides

The chairman of FAMA Group, which operates the Limassol port shipyard, said that his company entered an agreement with Petrogress Inc. to provide related services to hydrocarbon companies.

Petrogress, a Piraeus-based oil trading, shipping, and storing company listed on NASDAQ, agreed to purchase a majority stake in FAMA’s parent company F & T Investments Ltd, Tomis Tziortzis said in an interview.

As part of the agreement, FAMA will invest $20m (€18m) in a new floating dock with a capacity of 8,500 tonnes which will provide repair and other related services to hydrocarbon companies operating in the eastern Mediterranean, Tziortzis said. “We will cover their needs to 100 per cent”.

FAMA, which in 2015 entered an agreement with Shipyard Famagusta, operating at the port of Famagusta in Cyprus’s Turkish occupied area, will maintain the agreement with its Turkish Cypriot partners, Tziortzis said.

Shipyard Famagusta utilises the area and facilities of Famagusta’s shipyard which Tziortzis’s family operated the summer of July 1974.

Tziortzis said that the agreement with Petrogress, signed on Sunday, will produce 150 new jobs at the Limassol shipyard.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Dynosavros

    Good move. Upgrading repairs capacity was needed