COSCO says aims to turn Piraeus port into one of Europe’s largest container hubs

Written by on August 11, 2016 in Business - Comments Off on COSCO says aims to turn Piraeus port into one of Europe’s largest container hubs

Chinese giant COSCO, which on Wednesday completed officially the acquisition of a majority stake in Piraeus Port, said it aims at developing OLP into one of the largest container transit ports in Europe.

The company will invest a total of 293.8 million euro in a series of mandatory projects in the next five to seven years, including the expansion of the cruise port, the upgrading of the ship-building zone, and the construction of a multi-storied garage in the Ro-Ro vessel port, the company said in a press release.

In the future, the Group will step up its investment to develop the Piraeus into one of the largest container transit ports in Europe and one of the biggest home ports for cruise operators in the world. “COSCO will invest in a 300,000DWT dock and improve supporting facilities, so as to boost the ship repairing capacity and seek opportunities for repairing offshore equipment,” it said.

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