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GreekReporter.comBusinessPiraeus Port Authority and Cosco Sign New 230-Million-Euro Agreement

Piraeus Port Authority and Cosco Sign New 230-Million-Euro Agreement

olp_cosco_FuPiraeus Port Authority (OLP) and Piraeus Container Terminal (PCT), part of Chinese company Cosco Pacific Limited, signed today a new revised agreement which envisages a 230-million-euro investment plan in the Greek port. The plan was already approved by the Piraeus port shareholders.

In its announcement, Cosco underlined that the agreement, which will be entirely covered by the company, is a big business plan worth 230 million euros, while, as expected, the plan will increase the port’s piers II and III annual capacity to 6.2 million TEUs (twenty-foot equivalent unit containers) from 3.7 million where it currently stands. In addition, the contract’s current net value will be raised to 617–1.027 million euros from 498 million, while SEP will build a new oil production pier with more favorable financial terms.

After signing the agreement, OLP President and Managing Director Giorgos Anomeritis stated: “A significant development project worth 230 million euros was signed today with the concession agreement, making Piraeus, one of the most modern and biggest freight ports in Europe. As owner, OLP becomes a port of great value and annuities, in favor of the public interest, the port industry and the country’s development. The biggest issue in the country is to develop. It is the basic parameter that can bring relief, along with better management, to the public debt problem. And for the development issue, all the country’s political and economic factors should sit at the same table in order to achieve fast pace and yields. OLP, with its development initiatives, becomes the reformer of Piraeus, one of the most important engines of growth, achieving high revenue rates and profit for itself and increased revenue for the state.”

Minister of Shipping, Maritime Affairs and the Aegean Miltiadis Varvitsiotis was also present at the agreement’s signing.

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