Chinese multinational Cosco has dispatched a detailed and lengthy letter to Greece’s shipping ministry this week detailing all of the “open issues” affecting the Piraeus Port Authority (PPA), as the former holds 51 percent of the commercial port’s shares and its management, naftemporiki.gr reports.
Cosco reiterated its intent to proceed with the purchase of another 16 percent of the port authority, which owns and manages Greece’s largest and busiest port, a provision envisioned in a concession agreement finalized with the then leftist Greek government in 2016.
The Shanghai-based state-run shipping and ports operator added that it wants to buy the stake by August 2021, despite the fact that a number of projects foreseen as contractual stipulations have not been completed.
PPA’s management has charged that the unfinished projects and investments are the result of bureaucratic obstacles placed by the central government and surrounding municipalities.
In its defense, Cosco-managed PPA said 1.2 billion euros have already been invested in Greece by the Chinese multinational, while 230 out of 293 million euros in obligatory additional investments have been contracted, with another 200 million euros earmarked for an out-of-contract port master plan unveiled by the former – a new cruise passenger terminal, a logistics center, parking etc.
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