Port of Piraeus

Cosco, the operator of Piraeus port, plans to build a fourth cargo pier, expanding its total investment in the port by 200 million euros to a total of 800 million, well-informed sources say.

The approval process for Cosco's investments in Piraeus has been passed on to the next government, as the Port Planning and Development Commission (ESAL) has conditionally accepted but not approved the master plan for Piraeus Port Authority (OLP).

The Chinese ownership of Piraeus Port Authority (OLP) pledged to seek the progress and prosperity of its asset, during Friday's annual general meeting.

The plenary of the Council of State has approved a contract for the expansion of a passenger terminal in Piraeus for the docking of cruise liners as well as the sale of a 67 percent stake of Piraeus Port Authority (OLP) to Cosco.
The country's top constitutional court has ruled in favor of those contracts, rejecting the appeals by construction company Terna SA.

Relations between the government and the operator of Piraeus Port Authority (OLP) could reach breaking point just weeks before the general election as an informal meeting between OLP and members of the Port Planning and Development Commission last Friday not only failed to resolve the problems for the implementation of Cosco's investment but probably generated new ones too.

Only a few days after Greece became the 17th member of the Chinese initiative for Central and Eastern Europe - now called 17+1 - Prime Minister Alexis Tsipras traveled to Beijing to attend the Second Belt and Road Forum for International Cooperation. It was his third visit to the Chinese capital, after July 2016 and May 2017.

Prime Minister Alexis Tsipras' presence at the Belt and Road Initiative Forum in Beijing Friday and Saturday, in addition to Greece's joining the initiative of 16 countries of Eastern and Southeastern countries with strong relations with China, shows how far Greece has come since 2009. That was when China's state-owned Cosco took over part of Piraeus's container port.

Prime Minister Alexis Tsipras and Foreign Minister Yorgos Katrougalos are in China for the Second Belt and Road Forum for International Cooperation, based on the ancient Silk Road, linking East and Southeast Asia with East Africa, West Asia, and southern Europe.

Greece's biggest port is taking measures to address the problem of pollution from ships and industrial activities in the area, Piraeus Port Authority (OLP) has said.

In the next few days - if not on Tuesday - Cosco is expected to submit to the Port Planning and Development Commission a memorandum with its remarks on the watchdog's original opinion.