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  • Government council to approve sale of Piraeus port authority

    The government privatization fund TAIPED has decided to green light the sale of 51% of shares of the Piraeus port authority…

    The government privatization fund TAIPED has decided to green light the sale of 51% of shares of the Piraeus port authority (OLP), after consulting with the government and unionists.

    Initial plans provided the sale of 67% of OLP, however unionists threatened to take to the streets, so the privatization fund decided to change the tender. This development covers to demands of the five groups that are participating in the tender, while the State will take advantage of the capital gains from the port’s development.

    The government council which is convening today is also expected to approve the privatization, in order to convince the country’s partners and creditors that they are willing to take the necessary steps to secure an agreement. So far the government has resisted privatizations, claiming that the sales are not beneficial for the State.

    The main contenders for the Piraeus port authority are China’s COSCO, Denmark’s Maersk (via its APM Terminals subsidiary), while interest has also been expressed by International Container Terminal Services from the Philippines, Ports America from the USA and New Zealand’s’ Utilico.

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