Greece expected to sell Piraeus stake soon

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Greece expected to sell Piraeus stake soon

According to Deputy Prime Minister of Greece, the sale of a 67% stake of Piraeus Port Authority S.A. (OLP) to COSCO Group Limited is set to be completed in the coming weeks.

Piraeus is one of the busiest passenger ports in Europe, according to OLP data, and one of the top cargo ports in the Mediterranean. Cargo traffic rose 15% to 3.1 million twenty-foot equivalent units in 2013.

At the moment OLP operates Piraeus Port 's Pier I and COSCO Group Limited operates Pier II and III

There are plans to:

  • increase capacity of Piers II and III at the port to 6.2 million TEUs annually from the current 3.7 million TEUs annually.
  • improve infrastructure and rail links between Piraeus Port and European destinations such as Austria, the Czech Republic, Hungary and Slovakia.

Other four teams were shortlisted to bid for 67% stake of OLPAPM Terminals B.V.International Container Terminal Services, Inc, (ICTSI), Ports America Group Holdings, and Utilico Emerging Markets Limited. Cartesian Capital Group LLC was the sixth firm that submitted non-binding bids in the tender process but it was disqualified.

OLP was founded in 1930. It offers ships' anchoring, cargo handling, loading and unloading, goods storage, and car stevedoring services, as well as harbor to ships. It is also involved in the development of combined transportation operations, provision of services related to combined transportation, and organization, development, management, and marketing of ship repair.

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