COSCO, Hewlett-Packard (HP) and Greek railway operator TrainOSE have signed an agreement on using Cosco's cargo terminal at the port of Piraeus
Hewlett-Packard signs contract to load at Cosco's Greek Piraeus terminal COSCO, Hewlett-Packard (HP) and Greek railway operator TrainOSE have signed an agreement on using Cosco's cargo terminal at the port of Piraeus as a hub and TrainOSE's railway to distribute the American electronics giant's products in central Europe, the Middle East, North Africa, the eastern Med and eastern Europe, Xinhua reports.
The 17-kilometre rail line linking the port of Piraeus with Greece's inter-European railway networks was completed just one day before the agreement was signed.
The railway track connects the Thriassio logistics hub with the Ikonio container terminal near the port of Piraeus. It comprises 10 tunnels and 10 bridges. The EUR143 million (US$185 million) project will reduce transit time, said Xinhua.
The agreement provides for the transport of HP's products via ship by sea from Asia to the Cosco terminal at Piraeus and from there by rail to central and eastern Europe by TrainOSE trains. The current process of transporting the products from Asia to Europe has been costly and time-consuming. Friday's agreement will enable HP to distribute 10 days earlier than by the old routes through other ports in Europe.
Some 20,000 containers loaded with HP products will be transported annually in the first phase, said HP vice president Tony Prophet. Greek Prime Minister Antonis Samaras hailed the agreement as a "vote of confidence" for Greece in its effort towards economic recovery, stressing that the agreement reasserted the role that the country can plan with its infrastructure in the global business map. PHOTO:Greek Prime Minister Antonis Samaras (1st R), Chinese Ambassador to Greece Du Qiwen (2nd L) and Piraeus Container Terminal (PCT) General Manager Fu Chengqiu (3rd L) attend the PCT inauguration ceremony in Athens, Greece, on Feb. 28, 2013. Greece inaugurated on Thursday the key connection of the Greek railway network to Piraeus port in a bid to turn the country's biggest port into a major transit hub for the Mediterranean Sea and Eastern Europe. (Xinhua)