EUROPE

Piraeus port sale delayed

11 years ago

The sale of a majority stake in Greece’s largest port is to be put on hold following a delay with the concession agreement and early election work, sources said to ‘Reuters’.

Plans to sell Piraeus are once again on hold

Chinese state-run shipping company Cosco Group, APM Terminals and International Container Terminal Series (ICTSI) have until 30 October to submit binding bids for a 51% stake in the port operator OLP.

It’s understood the shipping ministry still needs to review the draft agreement before it is presented to investors.

According to Reuters, divisions among local authorities over the terms of the concession agreement could also hold up the process.

Apparently, port workers have threatened to block the sale with protests and strikes over fears of job cuts.

This marks another glitch in Greece’s plans to privatise the port, which was already on hold at the hands of the country’s new left-wing government earlier this year.

Piraeus Port is one of the largest and busiest ports in Greece and in the Mediterranean Sea, handling containers, cargo and passengers.