Monday October 20, 2014 Search
Weather | Athens
29o C
20o 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)  
Banks expect conditions to turn in their favor
Firms assure their investors they are turning a corner
‘One-day’ milk becomes bone of contention
Carrots to be added to repayment plans
Targets for troika review move back onto agenda
With Greece and its lenders seemingly finding common ground on how to conclude the country’s bailout at the end of the year, attention is now due to switch to the conclusion of the latest tr...
Public order minister to seek US help on intelligence
Public Order Minister Vassilis Kikilias is expected to seek closer cooperation with the US on fighting terrorism and dealing with irregular immigration when he travels to Washington next Fri...
Inside News
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
Greece’s closed society is central to its current malaise
I started writing my book “The Thirteenth Labour of Hercules” a couple of months after the June 2012 elections in Greece. In that nail-biting showdown, a bruised and battered electorate narr...
COMMENTARY
Between West and East
The crisis that has been buffeting Greece in recent years has perforce turned the focus of domestic politics to developments in Europe. The nation’s attention, thoughts, relationship-buildin...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Reds lose to Nea Kifissia, search for new coach
2. OFI stuns Panathinaikos, Mitroglou hits twice
3. Banks expect conditions to turn in their favor
4. Firms assure their investors they are turning a corner
5. ‘One-day’ milk becomes bone of contention
6. Targets for troika review move back onto agenda
more news
Today
This Week
1. Banks expect conditions to turn in their favor
2. ‘One-day’ milk becomes bone of contention
3. Firms assure their investors they are turning a corner
4. Greece’s closed society is central to its current malaise
5. Turkish order for Cyprus EEZ coming into effect
6. Public order minister to seek US help on intelligence
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.