Piraeus Port awaits 466 million Euro investment project approval

Piraeus Port

Piraeus Port

With an aim of investing 466 million euros into transforming Athens’ Piraeus into a Mediterranean home porting hub, Piraeus Port Authority (PPA) CEO Captain Fu Chengqiu said he was expecting the approval of a relevant master plan so that Cosco could proceed with the required works.

The master plan, which aims to boost Piraeus’ reputation as a tourism destination with the construction of four new hotels on the port’s premises and a new cruise terminal that will be able to handle up to six cruise ships transporting some 600,000 passengers, was submitted  earlier this year for public deliberation with municipalities and local stakeholders.

“We have submitted the master plan for the port to the competent institutions and expect the approval of the state so as to proceed immediately with the implementation of the mandatory investments as foreseen by the concession agreement with the Greek state,” said Chengqiu.

Presenting the PPA’s results during a general shareholders’ meeting last Friday, Chengqiu said turnover had increased by 7.7 percent to 111.5 million euros compared to 103.5 million euros in the corresponding period of 2016. Profit before tax grew by 92 percent to 21.2 million euros against 11.0 million euros in 2016, recording the best results in over a decade, the company said.

*Source: GTPHeadlines 

GCT Team

This article was researched and written by a GCT team member.