Piraeus Port Privatization Hits a Snag

The sale of the Greek port of Piraeus has encountered a hurdle as China’s port operator Cosco Group (Hong Kong) Limited said that the sale terms submitted to parliament on Tuesday were inconsistent with the ones previously agreed upon, according to Reuters.

Namely, in a letter to lawmakers COSCO Greece said that the key terms of the deal were changed.

Certain changes to the deal could reportedly affect the amount of Cosco’s bid for the project, or even the submission of the bid, Reuters writes.

Signed between Cosco and the TAIPED (Hellenic Republic Asset Development Fund) in April, the EUR 368.5 million (USD 402.3 million) agreement includes the transfer of a 67% stake in Piraeus Port.

Cosco’s initial offer for the Greek port was rejected as the Hellenic Republic Asset Development Fund said that the company needed to increase its proposal.

The port operator then submitted a binding offer for the stake offering a price of EUR 22 per share.

In mid-June Cosco received approval for a new concession agreement at the port of Piraeus.

The Piraeus Port privatization is one of key conditions of the country’s bailout plan with the EU lenders.

World Maritime News Staff

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