Monday December 22, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cosco harboring big plans for Piraeus ahead of OLP stake sale

By Ilias Bellos

Cosco sources have told Kathimerini that the Chinese company is ready to submit its bid for the acquisition of the majority stake in privatization-bound Piraeus Port Authority (OLP), with the proposal also including investment and development proposals aimed at turning Piraeus into the biggest port in the Mediterranean.

The same sources add that the company’s decision has been communicated to everyone involved and will be implemented on the condition that it is accepted by Greek and European authorities.

Officials from Cosco’s local subsidiary, Piraeus Container Terminal (PCT), add that ongoing developments in the global containers market – such as the formation of the “P3 alliance” consortium comprising Maersk Line, Mediterranean Shipping Company and CMA CGM – are creating optimism that, with the right moves, Piraeus could attract a much higher volume of containers.

Even beyond the container sector, the same sources see huge prospects in the Greek port’s car terminal, which given the increase in vehicle imports from Asia to Europe and Piraeus’s strategic position close to the Suez Canal could turn it into a main European gate of entry for such shipments.

However, Cosco is not the only suitor for the majority stake in OLP and the port’s development; a consortium from New Zealand, comprising Morrison & Co and ICM Limited, has also expressed an interest. Morrison & Co is responsible for the management and administration of listed investment group Infratil Limited. A third suitor cannot be ruled out, although Cosco’s presence in Piraeus clearly gives it a comparative advantage.

According to the draft text of the tender proclamation, submitted to Parliament last week, the state is selling 67 percent of OLP, which will be the Piraeus port’s contractor until 2052 via a concession contract with the state. This means that the privatization concerns the transfer of this concession, while the port infrastructure will continue to belong to the state and is not for sale, as government sources have explained.

ekathimerini.com , Monday March 3, 2014 (20:53)  
Political saga is harming liquidity
Bad timing for tenders as oil rates decline
Tax exemptions deprive state budget of over 3.5 bln euros
Teiresias to track letters of guarantee
Greek PM offers compromise solution with elections by end-2015
Prime Minister Antonis Samaras on Sunday presented a compromise solution to end a political stalemate that looks likely to send Greece to early general elections in about a month's time. Spe...
Environment Ministry to reconsider controversial bill
The government over the weekend appeared to backpedal on proposed amendments widely seen as compromising legislation protecting Greek forests as well as Plaka, Athens’s old quarter. The bill...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
‘Crisis of confidence will come back again and again,’ says Thomas Piketty
He’s treated like a rock star wherever he goes to lecture. His book “Capital in the 21st Century,” a study on income and wealth inequality from the 18th century to the present, recently tran...
COMMENTARY
Who lost Greece
If Greece collapses much will be said about where the fault lies. Sure, we all know the failings of Greek politicians. That said, much of the blame lies with outsiders who pushed Greece beyo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Special day for Abidal, lucky one for PAOK
2. Political saga is harming liquidity
3. Bad timing for tenders as oil rates decline
4. Tax exemptions deprive state budget of over 3.5 bln euros
5. Teiresias to track letters of guarantee
6. Agenda
more news
Today
This Week
1. Greek PM offers compromise solution with elections by end-2015
2. Who lost Greece
3. ‘Crisis of confidence will come back again and again,’ says Thomas Piketty
4. Snubbing the moderates
5. Agenda
6. Bad timing for tenders as oil rates decline
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. A friendly yet firm message from Pierre Moscovici
3. Europe's drama in Greece needs final act to avoid tragedy
4. High stakes
5. On the edge but not gutless
6. Girl, aged 11, gives birth on Crete
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.