Cosco-OLP deal to be signed at Maximos Mansion


Prime Minister Alexis Tsipras was expected to preside over the signing of an agreement for the transfer of a majority stake in Piraeus Port Authority, OLP, to Chinese group Cosco on Thursday. The signing was expected to take place at Maximos Mansion, before a second ceremony takes place at Zappeion Hall later in the day.

Signing the deal on behalf of the Chinese group on Thursday was Xu Lirong, chairman of the board of directors of China Cosco Shipping Corporation Limited.

Stergios Pitsiorlas, head of the Hellenic Republic Asset Development Fund, TAIPED, was expected to sign for the Greek state.

According to TAIPED, the 1.5 billion euro deal includes the Chinese group paying the sum of 368.5 million euros for a 67 percent stake in OLP, as well as mandatory investments, worth 350 million euros, to be carried out in the next decade.