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Greece Drafts New Bill for the Sale of Piraeus Port‏

cosco-piraeusA draft law envisaging a new concession contract between the Greek state and the Piraeus Port Authority (OLP) -still pending- will pave the way for the submission of binding offers in a tender to buy 51% in Piraeus’ port by the three candidate investors participating in the second phase of the tender (Cosco, AMP Terminals Maersk, ICTSI).
The whole process is expected to be completed by the end of September, according to a timetable set. The new draft bill will be tabled in Greek Parliament. Drafting of the bill began in December 2014 but failed to be completed due to the general elections. The Greek state has signed a master concession contract with OLP, offering exclusive rights of use and exploitation of land, buildings and infrastructure. Property rights will remain in the Greek state. The Piraeus port also has administration and regulatory authorities and agreed to pay a 2.0% of turnover in exchange for the concession contract.
Greek media reported that the Hellenic Republic Asset Development Fund (HRADF) and the OLP, along with government Ministries, are working on a draft legislation for the sale of a 51% of Piraeus port’s shares to investors and to create a new port authority in Piraeus, taking over all administration and regulatory power. The port of Piraeus will be able to perform commercial activity only.
According to the same reports, this model will be used for the other ports in the country.
Greek Mercantile Marine Minister Thodoris Dritsas recently said that despite he was personally against selling the port of Piraeus, he noted that preparations are under way for a new concession contract. Cargo management officials told the Athens-Macedonian News Agency that a swift completion of the port’s sale will give a signal to international investment community that Greece supports investments in the country.
(source: ana-mpa)

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