In the name of Zeus: Greece sells largest port Piraeus to Chinese company

Athens has signed a €368.5 million deal to sell the operator of Piraeus port to the Chinese shipping group COSCO, Reuters reported. This is the second major privatization for the country since last year.

In the name of Zeus: Greece sells largest port Piraeus to Chinese company 5707c735c36188f6518b4568

In the name of Zeus: Greece sells largest port Piraeus to Chinese company 5707c735c36188f6518b4568

Under the deal, COSCO will acquire 51 percent of the listed Piraeus Port Authority for €280.5 million and the remaining 16 percent for €88 million after five years, once it concludes mandatory investments. The company will invest €350 million over the next decade, and will pay an annual fee to the Greek state for running the port.

The Chinese state-owned company was the sole bidder for the port. COSCO already operates the container terminal in Piraeus under a 35-year concession it acquired in 2009. It is investing €230 million to build a second container terminal at the port which it plans to turn into a logistics hub for Chinese exports to Europe.

The Port of Piraeus is a gateway to Asia, Eastern Europe and North Africa. It handled 16.8 million passengers and 3.6 million 20-foot containers in 2014.

"Let the ships sailing and bringing the Golden Fleece," said COSCO Chairman Xu Lirong. He added the company will continue to be committed to Greek long-term growth and will invest in upgrading the infrastructure at the port and new jobs would be created.
Piraeus port workers, however, say they are worried the deal would put their jobs at risk. Dockworkers marched in central Athens on Friday to protest the sale.

More: https://www.rt.com/business/338949-greece-china-port-sale/

In the name of Zeus: Greece sells largest port Piraeus to Chinese company

In the name of Zeus: Greece sells largest port Piraeus to Chinese company

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