Piraeus Port Authority (OLP), operator of Greece’s largest port, has increased its investment plans to attract more business at one of Europe’s largest harbors, a government spokesman said on Wednesday, according to Reuters
OLP, majority controlled by China’s COSCO Shipping, has submitted to Greece’s shipping ministry an 800-million-euro plan, government spokesman Stelios Petsas told reporters.
An OLP official told Reuters that a ministerial committee will discuss the plan on September 25 and is likely to greenlight it, unblocking crucial investments for port infrastructure.
A former 620-million-euro plan, comprised of mandatory and voluntary investments, including a new cruise ship terminal, a mall and four hotels in the port, had not been approved due to opposition by local communities over the size of the mall.
The new plan features additional spending for building and operating a fourth container terminal which will boost Piraeus’ total throughput to 10 million TEUs (twenty-foot equivalent units) a year from 7.2 million TEUs now, and a much smaller mall, the official said.
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