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.”