Piraeus Port Authority (OLP) on Tuesday announced the 11 compulsory investments that strategic investor Cosco will have to make according to the contract for the concession of the port with the Greek state. The business plan estimates the total cost at 293.7 million euros and the transfer of an additional 16 percent stake in OLP to the Hong Kong-listed company is conditional on the plan’s realization.
Cosco was the preferred bidder for the concession of the 51 percent of shares in OLP, with another 16 percent to be conceded upon the implementation of the business plan. Cosco has undertaken to complete those projects within the first five years and then invest another 50 million euros.
Almost half of the 293.7 million will be spent on cruise facilities: The business plan provides for the extension of the southern section of the passenger terminal for 136.3 million euros, as well as the transformation of the OLP storage facility to a Cruise Passenger Terminal for 1.5 million euros.
The second biggest investment concerns the improvement of ship repair zone infrastructure, for 55 million euros, while another 20 million must be invested in the extension of the car terminal in the Irakleous section of the port.