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Greece’s biggest port to get additional investment
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China’S COSCO subsidiary Piraeus Container Terminal and Piraeus Port Organization (OLP) have agreed in principle to invest an extra 230 million euros (US$309 million) in Piraeus, Greece’s largest port.
The deal, which had been under negotiations from June, paves the way for the construction of OLP’s West Pier Container Terminal III and upgrade of Pier II by PCT, as well as building a new oil pier on Container Terminal III.
Under the deal, PCT will no longer be subjected to the guaranteed minimum payment until the date the Western Part of Pier III becomes operational and in any event until Greece’s economy returns to the level of 2008 plus a compounded rise of 2 percent per annum.
“The agreement seals the transition of the port of Piraeus into a new era, as this is the largest investment in crisis-stricken Greece,” Greek Shipping Minister Miltiades Varvitsiotis said on Tuesday.
He stressed the new investment will create 700 more new jobs directly and some 1,500 indirectly in the recession-hit country with a high jobless rate over the past three years.
The principle of the new deal has already been ratified by the two companies’ boards of directors. It needs to be approved by Greece’s parliament before coming into force.
The deal boosts COSCO’s investments in the port to 500 million euros and Piraeus will be able to handle up to 6.2 million TEUs (twenty-foot equivalent units) per year, three times the 2.1 million TEUs handled by PCT in 2012, the Greek side noted.
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