Sunday February 1, 2015 Search
Weather | Athens
16o C
13o 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)  
Coalition ally seeks tax amnesty to get cash back to banks
Dijsselbloem says Greece has to decide how to move ahead
ECB’s Constancio signals Greek waiver may end if program dropped
Greece starts countdown to cash crunch saying bailout over
Greece starts drive to sell new debt deal to doubting Europe
Greece's leftist government on Sunday began its drive to persuade a sceptical Europe to accept a new debt agreement while it starts to roll back on austerity measures imposed under its exist...
France open to easing Greek debt burden, says finance minister
France is ready to offer Greece concessions on its debt to help the country’s new government revive its economy, Finance Minister Michel Sapin said. The French government is willing to discu...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
COMMENTARY
The dogma and the command center
We have reached a critical juncture. We have a new, inexperienced government trying to see if “the great negotiations” discussed by everyone, be they from the left or the right, on TV over t...
EDITORIAL
Silence will not be forgiven
It’s time for a turn toward realism, caution and logic. The negotiations with our partners and lenders must be concluded swiftly before the remaining healthy parts of the country’s productiv...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece starts drive to sell new debt deal to doubting Europe
2. Coalition ally seeks tax amnesty to get cash back to banks
3. France open to easing Greek debt burden, says finance minister
4. Poll shows most Germans want Greece to stay in eurozone
5. France´s Sapin says Greece has no future outside the euro
6. Greece offers olive branch to seek allies
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. France open to easing Greek debt burden, says finance minister
4. Greece offers olive branch to seek allies
5. Poll shows most Germans want Greece to stay in eurozone
6. The dogma and the command center
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. EU must accept that Greek debt relief is inevitable
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.