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Council of State nixes Piraeus port investment plan by COSCO-OLP

Greece’s highest administrative court has pulled the brakes on an investment plan for the country’s biggest port that was part of the 2016 concession agreement between Piraeus Port Authority (OLP) and China Ocean Shipping Company (Cosco).

In a ruling on Monday, judges at the Council of State found that previous approvals of the so-called master plan for Piraeus had overlooked the absence of a environmental impact report for the different facets of the investment, as required by European Commission and national regulations.

Among other interventions and additions, the investment plan foresees the expansion of the existing passenger port and the creation of a new one, a bigger import terminal for vehicles, more storage space, hotels, a parking facility and more.

Under the 2016 privatization deal, Cosco bought a 51% stake in OLP for €280 million and committed to mandatory investments worth about €294 million over five years to buy an additional 16% stake. [kathimerini]

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One comment

  1. Any time you make a deal with China, you are dealing with the devil. China likes to make in-roads in a country by offering deals and concessions which appear beneficial to the country. But later they ask for something in return. They done this in Africa and elsewhere and you come under their sphere of influence and are obligated
    to them. Its insidious and most be stopped.