COSCOs PCT Invests More in Piraeus Port (Greece)

The shipping ministry announced on Tuesday an agreement between Piraeus Port Organisation (OLP) and the Chinese-owned COSCO subsidiary Piraeus Container Terminal (PCT) for new investments amounting to 230 million euros in Piraeus’ port.

The agreement includes the construction and exploitation of OLP’s West Pier Container Terminal III by PCT, the construction of an Oil Refuelling Pier and the upgrade of Pier II and East Pier Container Terminal III with new mechanical equipment.

According to the ministry, the investment is expected to create 700 new jobs directly and 1,500 indirectly, and will ensure the growth prospects of Piraeus’ port.

“The COSCO investment, which was opposed more fiercely than any other in the past, will bring huge benefits for our country, and today we double the amount of the investment with a further 230 million euros,” Shipping Minister Miltiadis Varvitsiotis noted.

“The agreement seals the transition of the port of Piraeus into a new era, as this is the largest investment in crisis-stricken Greece,” he added.

[mappress]
Hellenic Republic Greece in UK, November 19, 2013