COSCO has announced it has launched the expansion of the third phase of its Piraeus Container Terminal (PCT) in Greece, reports Seashipnews of Singapore and Dalai.
This is occurring against a background of a newly elected leftist government in Athens that is pledged to reining in the privatisation that Cosco Pacific's activities represents.
The expansion project is to develop the Port of Piraeus into a major gateway on the new Silk Road connecting Asia to Europe and provide more working opportunities to local citizens.
Piraeus Container Terminal (PCT), part of Cosco Pacific, has signed a new revised investment agreement with the Piraeus Port Authority (PPA) in November 2014, the Chinese company will further invest EUR230 million (US$258.5 million) into PCT to increase the annual capacity of the port.
Container traffic soared 18.5 per cent to nearly three million TEU at PCT in 2014, with a near nine-fold increase on the 433,000 TEU Piraeus handled in 2008. Cosco Pacific signed a 35-year operating concession with the Greek port in 2009.
PORTS
27 January 2015 - 22:35
Cosco Piraeus expansion underway as hostile Greek government takes helm
COSCO has announced it has launched the expansion of the third phase of its Piraeus Container Terminal (PCT) in Greece, reports Seashipnews of Singapore and Dalai.
PORTS
27 January 2015 - 22:35
Cosco Piraeus expansion underway as hostile Greek government takes helm
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