ATHENS: Chinese shipping group COSCO hopes to reach a deal with the Greek government to complete the purchase of an extra stake in Piraeus, despite running out of time to fulfil a key condition, a top official at the port said.
"We believe that the spirit of the agreement should be respected and the shares should be transferred, while PPA remains committed and implements the investments as they have been agreed," the official said on condition of anonymity. The government referred to a statement by Deputy Finance Minister Theodore Skylakakis to lawmakers this week which said that seeking solutions"in good faith and through dialogue" has been in Greece's interest.A significant component of COSCO's mandatory spending is upgrading a cruise terminal for more large ships to dock and help tourism-reliant Greece attract more visitors.
Piraeus has grown into a major transhipment hub for goods destined for Mediterranean and Black Sea ports since COSCO took over its container operations in 2009 and spent about 600 million euros in infrastructure and equipment upgrades.
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