Chinese interest for Piraeus port

Chinese interest for Piraeus port | tovima.gr

18.1.13

Chinese shipping giant Cosco is interested in OLP, the organization that runs the port of Piraeus, promising new investments. According to China Daily, Cosco is interested in purchasing 60% shares of the port organization, should the Greek government decide upon a full privatization.

At present the government is mainly interested in granting contracts for commercial activities (cruise piers, commercial stops etc), however, due to the dire state of the economy, there are thoughts of selling part of their 73% stake in OLP. Sources from OLP and the Ministry of Shipping consider Costco their first choice, since the Chinese firm already controls the lucrative container business at Piraeus.

According to China Daily, Costco is considering investing 1 billion euros for 60% of OLP, however the Chinese firm is waiting for the Greek government to present their privatization plans before submitting an offer.

Two years ago, Cosco invested 4.3 billion euros for a 35-year lease of two of the three piers and pay 100 million euros per year to maintain their presence. The firm has also announced plans to improve port facilities, create a new pier and triple the containers passing through the port.

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