Home Investments Greece-Cosco Sign Piraeus Port Deal

Greece-Cosco Sign Piraeus Port Deal

by GTP editing team
0 comments

cosco_piraeus_taipedChina’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.

You may also like

Leave a Comment

Advertise

CONTRIBUTE

Guest posts are welcome. Read the editorial guidelines here.

Copyright Notice

Unauthorized use and/or duplication of this material without express and written permission from the author and/or owner is strictly prohibited. Excerpts of texts published in this page and links may be used, provided that full and clear credit is given to Greek Travel Pages – gtp.gr and / or GTP Headlines – news.gtp.gr with appropriate and specific direction (hyperlink) to the original content.  All photographs appearing on this site are not to be downloaded or reproduced in any way, without the prior written permission of the copyright owner.

@2025 – Web Design & Development by Generation Y