EC ruling won’t affect Piraeus Container Terminal concession or expansion

EC ruling won’t affect Piraeus Container Terminal concession or expansion

London: The European Commission’s decision that Greece should recover incompatible state aid from Piraeus Container Terminal (PCT) will not affect the terminal’s expansion work or its operator Cosco’s concession agreement with the port authority.

On Monday, the EC ruled that the Greek state had breached EU state aid rules by granting Cosco and PCT an undue advantage over their competitors through tax exemptions and preferential accounting treatment.

The companies will be made to pay back the advantage received to the Greek state, but the funds will be recovered only from what should have been paid in tax and in standard accounting practice.

The concession of Pier II and the construction of the Eastern Pier III of the PCT will not be affected, the Piraeus Port Authority said in a statement.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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