ECONOMY

Cosco signs 230-mln-euro deal to expand activity at Piraeus port

Chinese shipping giant Cosco and the Piraeus Port Authority (OLP) signed on Sunday a deal worth 230 million euros for the expansion of the Piraeus Container Terminal.

Cosco will invest 230 million euros in a fourth pier, to the west of the port, which will increase its capacity from 3.7 million TEUs a year to 6.2 million.

Prime Minister Antonis Samaras announced the fresh investment from Cosco two months ago. A memorandum was signed that provided for the suspension of Cosco’s annual fee of about 70 million euros to OLP in order to facilitate the investment.