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COSCO Pacific granted operating rights at Greek port

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-03-11 15:40

COSCO Pacific, the Hong Kong-listed arm of China Ocean Shipping (Group) Company (COSCO), has received a nod from the Greek Congress to manage six container wharfs at Greece's main port of Piraeus, making it the first Chinese company to operate in a foreign port, said a statement on the website of the State-owned Assets Supervision and Administration Commission (SASAC).

Related readings:  COSCO signs deal with Greek port   COSCO H1 net profit doubled  COSCO Shipping reports 140% growth in H1

COSCO Pacific won a 30-year operating right over four container wharfs of Pier 2 and a 35-year operating right over another two of Pier 3 at Piraeus, according to its concessions signed with the Piraeus Port Authority SA last November.

It offered 4.3 billion euros ($6.6 billion) for the concession, and another 620 million euros in investments, according to a previous report.

The company plans to take over the wharfs on Oct 1.

COSCO Pacific,the world's fifth-largest container terminal operator,has previously invested in ports in Singapore, Belgium and the Suez Canal.

Its parent company, COSCO, is China's largest shipping company,

Piraeus, the largest port in Greece and the top container port in the East Mediterranean, is among the 10 largest ports in Europe, with an annual throughput of 1 million containers.