Cosco plans for Piraeus steam ahead


TAGS: Privatizations

The upcoming visit to Athens by the chairman of China Cosco Shipping Corporation Ltd, Xu Lirong, will signal the start of the Hong Kong-listed firm’s strategic planning and investment in Piraeus.

The visit by the head of the Chinese group, who will meet with top government officials, coincides with the completion of Piraeus Port Authority’s (OLP) new cruise terminal at Aghios Nikolaos and the successful conclusion to pilot operations at the western part of Container Terminal III, which will soon be delivered for full operation.

Those are investments prepared by OLP and Cosco’s local subsidiary that had started long before the acquisition of OLP by the Chinese company.

The Cosco chief will also be presented with the timetable of the investment plan of the group for OLP: Cosco will invest 200 million euros in the long run for the equipment and upgrading of the ship-repair zone’s infrastructure.

Part of that investment is not included in the 350 million euros that Cosco is bound by the OLP sale contract to implement, and mainly concerns shipbuilding and the installation of floating docks capable of serving the biggest vessels in the world.