NEWS

Minister says KAS ruling does not threaten Cosco's investment

TAGS: Economy, Transport, Shipping, Archaeology

Environment and Energy Minister Giorgos Stathakis sought to dispel fears over possible setbacks in the investment plan of Chinese giant Cosco in Piraeus on Wednesday, after Greece's top advisory body on the protection of antiquities voted to declare part of the area in question to be of archaeological interest.

Cosco's 580-million-euro master plan in majority-owned Piraeus Port Authority (OLP) comprises of mandatory and voluntary investments, including a new cruise ship terminal, a mall and four hotels in the port.

“KAS's decision does not cancel the investments...it only creates a framework in which the investor will have to operate,” the minister told Focus radio station.

“I live in Chania where the entire city is of archaeological interest and I assure you the characterization does not hinder [any investment].”

Following a marathon session that concluded around midnight on Tuesday, the Central Archaeological Council (KAS) voted unanimously against plans by the Chinese multinational to construct a mall next to a new cruise ship terminal.

It also called for restrictions on a five-star hotel set to be built in the Porto Leone area, in the southern section of the port where the cruise terminal is located.

Stathakis added that Cosco has submitted some additional projects for OLP which are being negotiated. 

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