Cosco signs new investment deal with Piraeus Port

Shanghai: Piraeus Port Authority (PPA) and Piraeus Container Terminal (PCT), part of Chinese company Cosco Pacific Limited, signed a new revised investment agreement yesterday, under which Cosco Pacific will further invest €230m into the Greek port. The plan is already approved by the port shareholders.

The new investment plan will increase the annual capacity of the port’s piers II and III to 6.2m teu from the current 3.7m teu. In addition, Cosco Pacific will develop an oil product facility at the port.

Cosco Pacific secured operational rights over terminals II and III in 2009. It signed a MOU for the investment with PPA last year.

“A significant development project worth €230m was signed today with the concession agreement, making Piraeus, one of the most modern and biggest freight ports in Europe,” said Giorgos Anomeritis, president and managing director of PPA.

“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,” he added. [28/11/14]

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