ECONOMY

Cosco’s Greek unit on target to fulfill Piraeus pier contract

Piraeus Port Authority SA, which operates Greece?s biggest port, said work by Piraeus Container Terminal SA, a unit of Cosco Pacific Ltd., to modernize Pier II and build a third pier is proceeding on time.

?The projects are being carried out within the contractual dates,? the authority said in an e-mailed statement today.

Cosco won in 2009 a contract to run container operations at Pier II, which started in 2010, and to build Pier III. The two facilities will have total container handling capacity of 3.7 million 20-foot equivalent units when the third pier is operational. That?s scheduled for 2015.

[Bloomberg]