Done Deal For COSCO and Piraeus Port Authority



COSCo-PPAThe agreement between the Piraeus Port Authority and the Chinese company COSCO closed. The deal is for investments of 230 million Euros in the port of Piraeus.

According to the official announcement by the merchant marine ministry, “the deal involves the construction and exploitation of Pier III of PPA’s container terminal by PCT, the construction of the Fuels Pier and the upgrading of machinery at container terminals Pier II and East Pier III.

The investment will create 700 new jobs directly and 1,500 indirectly in Piraeus. Furthermore, it will turn the Port of Piraeus into one of the leading ports in the Mediterranean Sea.

Miltiadis Varvitsiotis, the Shipping Minister stated that: “The COSCO investment, which was opposed more fiercely than any other in the past, will bring huge benefits to our country, and today we double the amount of the investment with a further 230 million Euros. The agreement seals the transition of the port of Piraeus into a new era, as this is the largest investment in crisis-stricken Greece.”


6 COMMENTS

  1. Greece’s main problem isn’t external. Our problem is a fair chunk of us are more interested in ranting about banks or self righteously lamenting about the poor,… while demanding government handouts for themselves. Rather than focus on producing something useful in trade too many Greeks blame anyone but themselves for their personal economic problems. No magic unicorns will come.

    Economic magic can happen though when people mix technology with work ethic though. As Arthur C. Clarke once said, advanced technology is indistinguishable from magic . Aside from the productivity gains, if someone can create something others highly prize but can’t produce themselves… laws of supply and demand take over.

  2. Yes, keeping selling off all Greece’s businesses and assests to Chinese, Arabs, Russian and Jews — PASOK & ND are selling out the whole country for more illegal “bribes’ to line their greedy pockets… They should all be jailed for High Treason!

  3. This is not selling…This is leasing the port for some number of years to foreign investors since Greece is not capable of handling any projects…Most professionals have left the country because of prolonging this crisis…Investors do invest all over the world in the political climate is proper to do so…In Greece, Cosco did invest after nemerous begging from the Greek side…Qatar did pull off from investing simply because there is no political stability in the country…

  4. For companies like Cosco battling giants like Maersk this was a strategic move to enter the soft underbelly of Europe without the major expense of a purchase The persistent problem is and will be infrastructure into the rest of Europe linking the port with rail lines and highway connections.