COSCO’s Piraeus investments approved but with no container terminal expansion

Greece’s Committee of Planning and Development of Ports (ESAL) has approved investments from COSCO Shipping amounting to €612m (US$673m) but plans for a container terminal expansion did not receive the go-ahead.

Yu Zenggang, chairman of Piraeus Port Authority (PPA), stated: “After a long waiting period, we obtained the approval to proceed to the implementation of significant investments that will make Piraeus the most important port in the Mediterranean and will create even more new working positions.

“We hope that the competent authorities will soon review the expansion of the container terminal as it is one major investment that will establish the Piraeus port as one of the top container terminals in Europe.”

The plans that were approved will allow COSCO to build a new cruise port, four hotels, a car terminal as well as infrastructure and maintenance upgrades.

In addition to the container terminal expansion falling through, the extension of a car terminal near New Drapetsona was also turned down – these two investments would have totaled around US$300m.

Shipping minister Yannis Plakiotakis said: “The approval of the master plan demonstrates that our country is now friendly to investments with a vision and realism which create real added value.”