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COSCO Asks Greek Government For Further 16% Of Piraeus Port Authority.

COSCO asks Greek government for further 16% of Piraeus Port Authority.

COSCO Asks Greek Government For Further 16% Of Piraeus Port Authority.Source: Hellenic Republic Asset Development Fund

Piraeus, Greece (PortSEurope) May 26, 2019 – As part of the 2016 agreement between the Greek government and China’s COSCO Shipping Ports Limited, COSCO acquired 51% of Piraeus Port Authority for €293.7 million with the rights to operate the port until 2052.

The agreement also says that the Chinese company must invest a further €300 million in port infrastructure to qualify for a further 16% stake. The port includes passenger ferry, car, container and cruise ship terminals, and the Chinese company wants to develop hotel and retail facilities, but has met with local and government opposition. These investment are part of COSCO’s masterplan for the port, but it has only been part accepted by the government and local authorities.

Despite having invested just around €77 million, COSCO is requesting the 16% additional holding, minis 0.25%, and it does not expect to meet the required investment under the agreed timescales.

Local reports say that the government’s privatisation agency, the Hellenic Republic Asset Development Fund (HRADF), has held talks with COSCO, and both parties agreed that no mandatory investments will be made until 2021.

COSCO is also the operator of Piraeus Container Terminal SA.

More news about the Piraeus Port Authority here.

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