China COSCO Shipping Will spend 500 mln euro more on Piraeus port - media

Piraeus Port Authority SA

06/07/2016 08:15

ATHENS, July 6 (Reuters) - China COSCO Shipping  601919.SS  
 600428.SS  will invest up to  500 million euros ($553.10 
million) in its newly-acquired Piraeus port  OLPr.AT  to focus 
on the cruise market and the shipping container business, Greek 
state media reported on Wednesday. 
    COSCO planned to plough some 200 million euros into 
upgrading and expanding Piraeus so it could accept bigger cruise 
ships, and upgrade infrastructure for handling container 
handling, Athens News Agency quoted China COSCO Shipping 
chairman Xu Lirong as saying. It would also extend shipyard 
facilities, he said. 
    Xu was speaking in Shanghai after a meeting with Greek Prime 
Minister Alexis Tsipras, on a state visit to China. 
    COSCO's investment would be over and above the mandatory 350 
million it is required to plough into Piraeus over the next 
decade. 
    Under the 368.5 million euro deal signed in April between 
COSCO and Greece's privatisation agency, COSCO is to buy 51 
percent of Piraeus for 280.5 million, with a further 16 percent 
for 88 million after a five year period. 
    Greece's parliament overwhelmingly ratified the sale last 
week, overcoming some last minute snags which triggered 
complaints from the local COSCO representative that parts of the 
deal submitted to legislature reneged on the initial 
deal. ID:nL8N19M56D  
 
 
($1 = 0.9040 euros) 
 
 (Reporting by Michele Kambas, editing by Louise Heavens) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: EUROZONE GREECE/PORTS COSCO SHIPPING