China’s COSCO bought a 67% stake in the Greek port of Piraeus

Almaty. April 12. Silkroadnews – China’s COSCO Shipping Corporation bought a 67% stake in the Port of Piraeus, the biggest port of Greece, Xinhua news agency reported.

“On April 8 China’s COSCO Shipping Corporation and the Greek Hellenic Republic Asset Development Fund signed an agreement on purchase a controlling stake in the authorized capital of the company to manage the port of Piraeus. According to the agreement, the Chinese company acquired a 67% stake in the company responsible for the operation of the port, for a total amount of 368.5 million euro. Currently, the document requires approval by the Greek parliament,” says the publication.

The signing ceremony was held at the residence of the Prime Minister of Greece. It was attended by more than 200 people, including Greek prime minister Alexis Tsipras, the deputy prime minister Yannis Dragasakis, Chinese ambassador to Greece Zou Xiaoli, chairman of China COSCO Shipping Company Limited Xu Lirong and representatives of two countries’ business communities.

The deputy prime minister of Greece Yannis Dragasakis emphasized that the cooperation between Greece and China has a firm basis, and the Chinese initiative “One Belt, One Road” has increased the level of cooperation.
According to the Chinese ambassador to Greece Zou Xiaoli, the projects implemented in the port will raise the Chinese investments in Greece and contribute to the bilateral trade growth.