EUROPE

Piraeus calls for investment approval

8 years ago

Piraeus Port Authority (PPA) has urged the Greek government to speed up approval of its investment plan which includes a new cruise ship terminal, a mall and four hotels within the port.

PPA, majority owned by COSCO Shipping, needs authorisation from Greece’s shipping ministry to go ahead with the plan, which was originally due to be approved in June. The delay has prompted PPA CEO Captain Fu Chengqiu to stress that further delays may significantly hinder the project, according to Reuters.

“I am ready with cash and will wait until the end of this year. But if the delay is prolonged there are legal means, such as clauses in the concession agreement,” PPA CEO Captain Fu Chengqiu told reporters.

The port is the focus of China’s vision to create a gateway to Europe as part of its US$126bn Belt and Road initiative. The investment plan comprises mandatory and voluntary investments and these form an important part of COSCO’s pledge to meet expansion and modernisation expectations, made when it acquired 51% of the port in 2016.

It is understood that COSCO will acquire the remaining 16% after five years once these expansion and modernisation conditions have been met.