PRIVATIZATION

State reaches settlement with Cosco on OLP stake

state-reaches-settlement-with-cosco-on-olp-stake

The state has reached a friendly settlement with Cosco Shipping regarding the additional stake in Piraeus Port Authority (OLP) due to the Chinese company, pending the implementation of a number of investments at the port.

Although not all contractual obligations have been fulfilled, amounting to investments of 293.7 million euros, the additional 16% is to be transferred to Cosco, taking its stake to 67%.

The company will submit letters of guarantee regarding the investments it has not yet implemented, with extensions of two and five years.

Cosco is not to blame for not having completed almost 60% of the investments.