Full Chinese consortium purchase of 67% of the Greek port of Piraeus – Observer

The Chinese consortium COSCO (China Ocean Shipping Company) completed on Wednesday the purchase of a majority stake in the Port Authority of Piraeus (OLP), the entity which manages the largest port in Greece.

the COSCO operates, since 2010, two terminals of Piraeus, a strategic port on the outskirts of Athens.

with this acquisition, amounting to 368.5 million euros, the giant Chinese shipping was with 67% of the Greek port society, taking control of the port to 2052.

“the COSCO Shipping is now the majority shareholder of the PLO, thus taking control of the management and port operations,” the company said in a statement .

the Greek Prime Minister Alexis Tsipras, the left party Syriza, came to halt the privatization of Piraeus, after ascending to power in 2015.

in July of the same year business eventually materialize.

the PLO revealed that the new board of directors consisting of 11 members, including seven Chinese, including the CEO.

Used annually by more than 24,000 ships, Piraeus is considered one of the largest seaports in the Mediterranean and employs about 1,500 people.

With this deal, the Chinese group also takes control of passenger boats, used by millions of tourists every year travel to the Greek islands.

the COSCO also pledged to invest nearly 294 million euros in the expansion of facilities for cruise ships, modernizing the shipyard and making space for the movement of cars.

the goal is to make Piraeus the largest container port in Europe and the main departure terminal of world cruises, noted the company.

in Portugal, too the port of Sines raises the interests of China as the Asian country tries to ensure access to the initiative “sea route of the XXI century silk”.

the term refers to a giant infrastructure plan you want to revive the ancient Silk Road between China and Europe through Central Asia, Africa and Southeast Asia.

According to the Chinese authorities, the initiative will cover 65 countries and 4.4 billion people about 60% of world population.

“the port of Sines is important for China’s connection with Europe and Africa,” he said last May the foreign policy adviser to the Chinese government Lu Fengding .

in the same month, Secretary of State of Portugal Internationalization, Jorge Costa Oliveira, took in Beijing the interest of the Chinese port of Ningbo in investing in a Portuguese port, pointing Sines as the favorite.

“the widening of the Panama Canal led to large entities managing ports, including Ningbo, are looking for a port with good capacity in Western Europe,” he said.