BUSINESS

Cosco completes Piraeus port takeover

TAGS: Economy, Business, Shipping

Piraeus Port Authority (OLP) announced on Wednesday its new 11-member board of directors Wednesday after China’s Cosco completed the purchase of 51 percent of the organization, with another 16 percent to be transferred in the future.

Cosco president Wan Min was appointed OLP’s chairman, while Captain Fu Cheng Qiu, who heads the Chinese firm’s subsidiary at the Piraeus container terminal, took on the position of chief executive officer.

Other additions to the board (four of the previous 11 members have remained) are Deng Xiaoli and Angelos Karakostas as deputy CEOs and Ji Fengming as chief financial officer (CFO).

Athanasios Liagos and Yiannis Kouvaris will be the Greek state’s representatives on the board. They will hold non-executive positions. Piraeus Mayor Yiannis Moralis also retains his non-executive position on the board. The board convened for the first time on Wednesday.

Cosco paid 280.5 million euros for its 51 percent stake in OLP and is due to invest another 88 million euros for the 16 percent share that has been set aside.

The Chinese firm is also due to invest some 300 million euros in improving the port’s facilities. A recent study suggested Cosco’s investment in Piraeus will boost Greek gross domestic product by 0.8 percent and create 31,000 new jobs between 2016 and 2025.

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