OLP-Cosco deal signed for port of Piraeus (video)

The new revised agreement foresees a 230-million-euro investment plan in the Greek port

The Piraeus Port Authority (OLP) has approved the controversial agreement with PCT, a subsidiary of Cosco Pacific, paving the way for a Chinese investment worth 230 million euros ($300 million) in the western part of the largest port of Greece. The agreement was signed by OLP Chief George Anomeritis and PCT General Manager Captain Fu Cheng Qiu in the presence of Shipping and Aegean Minister Miltiadis Varvitsiotis at his ministry.

During the stormy discussion on the agreement, Mr. Anomeritis threatened to resign after port unionists prevented his entry to the conference hall on Tuesday.

The initial completion of the investment by Beijing had been planned for over two years ago after the European Commission gave it the go-ahead, however there were various issues concerning the legality of the deal raised by the Greek State Audit Council.

The investment plan will increase the annual capacity of Piers II and III at the port by 6.2 twenty-foot equivalent units from the current 3.7 million. The net current value of the contract will be raised from 498 million euros to 678 million euros or as high as 1,027 million euros.

The PCT will also create a new oil product pier with favorable terms. The construction of the West Pier III will begin once Greek Parliament gives the final approval.