Piraeus Can be a "Gateway of China to Europe" as the Countries Sign Deals Worth $5bn

by Ship & Bunker News Team
Monday June 23, 2014

Chinese investment could turn the Port of Piraeus into "one of the most competitive ports in the world," Chinese Premier Li Keqiang said this weekend during his visit to Greece, as the two countries signed business deals worth about $5bn, the BBC reports.

Chinese shipping company COSCO, which in 2008 signed a 35-year deal to expand its container terminals at the port, plans to spend 230 million-euro ($314 million) on the port by 2020, increasing its capacity from 3.16 million twenty-foot equivalent units (TEU) to more than 6 million TEU.

However the plan to turn Piraeus into a regional hub is subject to European Union (EU) approval.

Greek Prime Minister Antonis Samaras said that while there was still much under discussion, he believed "Europe itself understands that Greece constitutes a natural maritime link to China."

China is also seeking a 67 percent stake in the Piraeus port authority, which Greece is selling as part of a 2010 bailout agreement with international authorities.

"Piraeus port can become a gateway of China to Europe," said Li.

"It is like a pearl in the Mediterranean Sea."

Greek Shipping Minister Mmiltiadis Varvitsiotis said last fall that the COSCO investment had been "opposed more fiercely than any other in the past" but would "bring huge benefits to our country."

Ship & Bunker News Team
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