Piraeus Port Reloaded
- by XpatAthens
- Thursday, 19 February 2015
An agreement between Piraeus Port Organisation (OLP) and the Chinese-owned Cosco subsidiary Piraeus Container Terminal (PCT) which was recently ratified by the Greek Parliament (end of 2014), paves the way for Cosco to proceed with the construction and exploitation of West Pier III of the Piraeus port container terminal by PCT, the construction on behalf of OLP of a new Oil Terminal, as well as the refitting of Pier II and East Pier Container Terminal III with new machinery.
The works are expected to be completed by 2021. The new business plan will ensure the growth prospects of Piraeus' port as a gateway into Europe for Asian products. Piraeus port now ranks 43rd among the world’s largest and among the top 10 European.
It is estimated that by 2016, Piraeus port will be handling 4.7 million TEUs (containers), from 3 million it handled in 2012. This increase in volume could place Piraeus at the top of all Mediterranean ports.
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