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It was stated that Turkish Cypriot and Greek Cypriot businessmen who operate in the maritime sector have established a bi-communal consortium for the first time since 1974 and thus created one of the biggest companies in the field of ship construction in the Eastern Mediterranean region.

Greek Cypriot daily Alithia reported that the bi-communal consortium was established on 26 August on the basis of the agreement signed between “FAMA Group” and “Famagusta Shipyard” companies with the cooperation of “Ocean Well Ltd” company in Hong Kong.

It was also reported that both companies will operate under the umbrella of “Ocean Well Ltd” on the basis of the agreement signed, the income from customers and consortium activities will be shared on the basis of business volume, and “Ocean Well Ltd” will undertake the task of financial control.

The newspaper also noted that these companies which own 2000 and 8500 tons of pontoons in Limassol and Famagusta will give service to the companies which work in the field of hydrocarbon drillings and operations.

This article is serviced by Public Information Office as a Media Rewiew. This is NOT an official public release of MFA