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COSCO and Piraeus sign investment deal

COSCO and Piraeus sign investment deal
The agreement is worth €230m (US$309m)

The agreement, originally announced earlier this month, includes the construction and use of OLP’s West Pier Container Terminal III by PCT, the upgrade of Pier II and East Pier Container Terminal III with new equipment and the construction of an Oil Refuelling Pier.

The deal now needs to be reviewed by the European Union and ratified by the Greek parliament.

The investment is expected to create around 2,200 direct and indirect jobs.

OLP will receive 21% of the terminal’s turnover as rent until 2016 and 24.5% as of 2017, while there will be a suspension of the minimum guarantee, which will be counterbalanced by the increased annual capacity of the piers under PCT’s management (4,750,000 teu).

The deal will be forwarded for review to the state Court of Audit, the European Commission’s Directorate General for Competition and OLP’s general assembly of shareholders. Then it will be tabled by the ministry in parliament for ratification.