BUSINESS

Coast is clear for OLP deal

The European Commission is expected in the next few days to green-light the sealing of the agreement for the friendly arrangement between Cosco and Piraeus Port Authority (OLP) regarding the extension of the western section of Terminal III.

This development will pave the way for the submission of a binding bid for the majority stake (67 percent) in OLP as the Chinese side had set the deal’s approval as a condition for its participation in the tender.

European officials said that the Greek side has supplied the necessary clarifications in writing and after consecutive meetings in Brussels and Athens the Commission has reportedly concluded that the new contract revising the agreement on container activity at Piraeus adheres to European Union legislation.

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