PIRAEUS – Just a month after Chinese President Li Keqiang visited Greece’s main port, the Piraeus Port Authority (OLP) board has approved an agreement for new investments by the Chinese firm COSCO that has major operations there and has helped restore its prosperity.
According to the investment plan, Piraeus Container Terminal S.A. (PCT) – a subsidiary of Cosco Pacific Limited – will build and exploit the West Pier III facilities at the OLP Container Terminal, construct the Petroleum Products Pier and upgrade with new equipment Pier II and East Pier III, the Athens News Agency said.
The European Commission has already given the okay to Greece for COSCO’s new investment in Piraeus, approving an amicable settlement agreement between COSCO’s subsidiary and Piraeus Port Organization (OLP), overcoming the biggest hurdle to expanding Greek-Chinese cooperation in the port of Piraeus.
Under the agreement reached between PCT S.A. and Piraeus Port, the Chinese company will invest an additional 230 million euros, offering huge benefits to the country as it doubled not only the value of the investment but the number of new jobs, creating another 700 jobs and 1,500 jobs indirectly.
Premier Li met with Greek Prime Minister Antonis Samaras during a tour of the country, including a stop in Piraeus to observe the Cosco operation that Greek unions had fought.