ECONOMY

Qatari investors eye Astakos

Qatar’s Paramount Services Holding, a group that recently acquired a 4 percent stake in Alpha Bank, is considering buying into central Greece’s Astakos port, according to sources. Greek ports have been drawing growing interest from foreign investors who have been considering using them as a transport entry point for the broader region. Greece’s only privately owned port, Astakos is located on the eastern shore of the Ionian Sea, and lately has been handling a large amount of cargo originally destined for the port of Piraeus. Continuing protest action by workers at Piraeus, the country’s largest port, in response to the privatization of its cargo management services has prompted large transport companies to drop off their shipments at other ports, including Astakos. Apart from continual strike action, workers at Piraeus port have refused to work overtime for months, resulting in a large backlog in containers. «The Qatari investors have shown an interest in Astakos port in the past and are re-examining it as an investment option, given the changing market conditions,» said a source. «Astakos port has evolved into a competitor to Piraeus, even though it wasn’t designed that way.» Astakos, which is equipped with modern equipment, has the capacity to transport about 1 million containers per year. It covers an area stretching over 183 hectares, of which 71 hectares belong to the port area. Paramount Services Holding Limited, described by Alpha Bank as «a company representing the business interests of the most prominent family in Qatar,» bought a 4 percent stake for 296 million euros in June. Meanwhile, Merchant Marine Minister Giorgos Voulgarakis said yesterday the Thessaloniki port (OLTH) is expected to announce the winner of the tender to manage its cargo operations next week. A joint venture between Hutchison Port Holdings (HPH) and pharmaceutical firm Alapis has submitted the highest bid to operate the service, with an offer of more than 3 billion euros.

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