Wednesday November 26, 2014 Search
Weather | Athens
13o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece completes Piraeus port sale terms, shipping minister says

Greece has completed work on terms for an invitation to investors to express interest in a 67 percent stake in Piraeus Port Authority SA, operator of the country’s largest harbor.

The terms will be presented to the Greek Parliament “in the coming days and the sales process can begin 52 days afterward,” Miltiades Varvitsiotis, minister of shipping and the Aegean, said in an interview in Piraeus.

Greece’s asset-sales program, Europe’s largest, is aiming to raise 11 billion euros ($15 billion) by 2016, revised down from the 50 billion euros by 2015 originally agreed to under the country’s first international loan deal in 2010. The Hellenic Republic Asset Development Fund is targeting 450 million euros in 2014 from the stake sale in Piraeus Port and from the development of Thessaloniki Port, Varvitsiotis said.

Thessaloniki is a “different case” than Piraeus, as the port is “in the heart of the city and its exploitation must be based around that,” Varvitsiotis said. “The model for development hasn’t been decided yet, but the aim is to complete whatever method is chosen in 2014 as Thessaloniki can’t lose another wager for growth.” Greece currently holds a 74 percent stake in both Piraeus and Thessaloniki Port Authorities.

Cosco Pacific Ltd. has already expressed interest in acquiring the Piraeus stake, Varvitsiotis said. Piraeus Container Terminal, the company’s Greek unit, has operated Pier II at Piraeus Port since 2009 under a concession agreement with Piraeus Port Authority and is building a third pier.

The European Commission is investigating whether state aid was granted to Cosco under the form of tax reductions when the concession agreement was signed.

“I have met with Joaquin Almunia twice and we are on good ground for negotiations, while I will also meet with Michel Barnier in March to discuss the issue,” Varvitsiotis said. Almunia is the European Union antitrust commissioner, Barnier leads internal market and financial services policy.

“Approval by the European authorities will mean guaranteed income for the new owner of Piraeus from the concession agreement without the need to invest in Pier III,” Varvitsiotis said. “Non-approval will mean the new owner of the port will have the right to negotiate the deal with Cosco Pacific.”

The Greek government is in talks with the country’s shipowners, who control around one fifth of the world’s merchant fleet, to find a way to make a proposal to triple taxation on ships “more acceptable,” Varvitsiotis said. “Greek shipowners do want to contribute to the national struggle.”

The government in 2013 introduced a first-time levy on ships flying foreign flags but managed by companies based in Greece, as part of measures to boost revenue amid the nation’s debt crisis. The tax, which was already applied to Greek-flagged vessels, is based on vessels’ size and capacity.

While ship owners initially said they’d be willing to pay double the current rate over the next three years in order to raise 140 million euros, only 70 percent actually committed to the plan, prompting the government to triple the rate in order to reach the revenue target, Varvitsiotis said. [Bloomberg]

ekathimerini.com , Friday February 21, 2014 (09:58)  
Debtors snap up offer for easier settlements
Belgium gas firm said to be eyeing DESFA
OLP approval paves way for investment in Piraeus
Airport tender exceeds expectations
Hundreds of migrants on crippled ship off Crete
Ships from Greece rushed to help after a crippled freighter crammed with hundreds of migrants floundered for hours Tuesday in gale-force winds and high waves in the Mediterranean Sea, offici...
Policemen suspected of working at Piraeus bar where shooting took place
At least three serving policemen are thought to have been working at the bar in Mikrolimano, Piraeus, where a 31-year-old man opened fire with an AK-47 early on Saturday, resulting in 15 peo...
Inside News
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
Inside Sports
COMMENTARY
Beware of the fallen idols
Akis Tsochatzopoulos, a legendary figure of the Greek socialist movement, a man who came very close to taking over the party that governed the country for half of the time following the fall...
EDITORIAL
The hard truth
The coalition government must tell the truth to the Greek people, even if this entails admitting to mistakes made over the last few months. The country’s citizens are fully aware of how cruc...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Hundreds of migrants on crippled ship off Crete
2. Atletico eyes last 16 berth against Olympiakos
3. Debtors snap up offer for easier settlements
4. Belgium gas firm said to be eyeing DESFA
5. OLP approval paves way for investment in Piraeus
6. Airport tender exceeds expectations
more news
Today
This Week
1. Anastasiades to undergo heart surgery in the US on Dec 4
2. Cargo vessel carrying hundreds of migrants adrift southeast of Crete
3. Trade deficit widens by 8.7 percent during Jan-Sept period, says ELSTAT report
4. Two police officers among 9 arrested for drug trafficking
5. Fraport, Copelouzos offer highest bid for Greek regional airports
6. Stop Mediterranean becoming vast migrant cemetery, Pope tells Europe
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Give Greece a chance
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Scientists expand excavation of ancient Amphipolis
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.