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Greece approved Piraeus Port Development Project

Greece approved Piraeus Port Development Project

Greece’s Port Planning and Development Committee last week came together and approved a 611.8-million-euro investment plan for the modernization of Piraeus Port.

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 The Shipping Ministry of Greece announced that 611.8 million euro investment plan for Piraeus Port is on the way. Piraeus Port Authority had also proposed to build a fourth container terminal that would boost Piraeus' total throughput to 10 million TEUs a year from 7.2 million TEUs now and a new car terminal.

Piraeus Port Authority Chairman Yu Zenggang welcomed Plakiotakis, saying that China-based COSCO Shipping had obtained the approval to proceed with the implementation of significant investments that will make Piraeus a major shipping hub in the Mediterranean and create even more jobs.

“We hope that the competent authorities will soon review the expansion of the container terminal as it is one major investment that will establish Piraeus port into one of the top container terminals in Europe,” Chairman Yu Zenggang stated.

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Greece's shipping ministry had approved the new cruise ship terminal, the mall and the hotels at a previous meeting.

Piraeus Port Authority , which owns 51% of the port, has to conclude mandatory investments of 300 million euros by 2022 to acquire an additional 16% stake. 

Maritime Business World 

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