China Cosco to invest US$552 million in Greek Port of Piraeus

Time:2016-07-13 Browse:151 Author:RISINGSUN
CHINA Cosco Holdings is to invest US$552 million in the Greek Port of Piraeus over the next five years, with a focus on the container and cruise market, said company president Xu Lirong.

Cosco investment is also to be spent on the port`s shipbuilding sector, reported New York-based China Topix (Yibada Co). The company said it aims to make Piraeus "the biggest transit port in the Mediterranean," Mr Xu was reported saying in a meeting with Greek Prime Minister Alexis Tsipras in Shanghai.

Aside from improving the cruise industry and shipyard sector, Cosco also plans to boost the port`s terminal capacity to 20,000 vehicles and increase its annual volume of containers from 4.3 million TEU to seven million TEU, reported Colchester`s Seatrade Maritime.

The Greek prime minister`s official five-day visit to Beijing and Shanghai comes after the country`s parliament approved the sale of a majority of Piraeus`s stake to Cosco.

"Greece, which is the first stop on China`s way to Europe, can become a bridge between China and the West, between Asia and Europe," said Mr Xu.

The recent deal allows Cosco to own a 67 per cent stake in Piraeus. Under the agreement, Cosco would initially buy 51 per cent stake of Piraeus for US$310 million and then an additional 16 per cent for $97.4 million after a five-year period, Reuters reported.