Investments Greece-Cosco Sign Piraeus Port Deal by GTP editing team 8 April 2016 written by GTP editing team 8 April 2016 0 comments Share 0FacebookTwitterLinkedinWhatsappEmail 27 China’s Cosco Group on Friday signed a 368.5-million-euro agreement with Greek privatization fund TAIPED for a majority stake — 67 percent — in Piraeus Port Authority (OLP). The signing took place at the Maximos Mansion, in the presence of Prime Minister Alexis Tsipras, between the president of China Cosco Shipping Corporation limited, Xu Lirong, and TAIPED’s chairman, Stergios Pitsiorlas. The agreement will now be ratified by parliament and the transfer of OLP’s shares to Cosco is expected to be completed in June. According to TAIPED, the total value of the agreement is expected to amount to 1.5 billion euros by 2052 when the concession agreement expires. The total amount includes Cosco’s offer of 368.5 million euros for the acquisition of the 67 percent share capital of OLP, mandatory investments of 350 million euros over the next decade and expected revenues from the agreement for the Greek state, amounting to 410 million euros. “Greece will have many benefits from China’s growing influence and power in the global market,” Xu told Greek daily Kathimerini. According to Cosco’s president, his company’s objective is to transform Piraeus into the Mediterranean’s most competitive port. According to the Foundation for Economic & Industrial Research (IOBE), OLP’s privatization may generate in the medium term up to 4 billion euros per annum to the Greek economy. The listed Chinese shipping giant has managed the port’s two central container terminals since 2008, when it inked a 35-year deal with the Greek government. The port has since seen an eightfold increase in commercial traffic with companies like ZTE and Hewlett-Packard using the cargo terminals as logistics hubs for their merchandise. Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece. Share 0 FacebookTwitterLinkedinWhatsappEmail GTP editing team This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner. previous post Greece to Promote its ‘Hidden Treasures’ through EU ‘EDEN’ Project next post New Faces: Danae Tsadila, Managing Director at ‘Trails Beyond’ You may also like Greece’s Hotel Market Sees Major Investments Over Four Months 5 February 2025 Greek Tourism Ministry Monitors Santorini Situation as Seismic Activity Continues 5 February 2025 Global Air Passenger Demand Reaches Record High in 2024, IATA Reports 5 February 2025 Greek PM Reassures Public About Santorini’s Ongoing Seismic Activity 5 February 2025 Milos: Ministry Suspends 5-star Hotel Construction Near Sarakiniko Beach 5 February 2025 ELIME and HELMEPA Join Forces for Safer, More Sustainable Greek Ports 5 February 2025 Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ