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The Historical Port of Piraeus Could Get Sold

Piraeus, the historical and perhaps most significant port in the Greek territory could be privatised, as is speculated according to the international media. 51% stake of the port is under negotiation for being sold to Chinese conglomerate Cosco. The Greek Defence Minister, made a public statement on Friday 15th of May attesting to the fact to boost their cooperation in the country's biggest port Piraeus, the Greek defence minister, Panos Kammenos.

Cosco, at the moment has the management of two container piers but seeks to extend its management assets over the port. During the last few months, reports had shown a dramatic increase of profits for Cosco so it is no wonder that the company is willing to take such a move, in owing the biggest share of the port.

"We are in very advanced talks to expand this cooperation very soon in relation with the inclusion of a railway network as well", stated the Minister in an economic conference. There is no doubt that the discussions are already in an advanced stage, making it all more probably that the famous Piraeus port will be soon sold. Apparently, the 51 percent stake is also the subject of attraction by two other investors.

Stavros Theodorakis, who is the leader of the political party Potami, paid a visit to the port installations of Cosco in the morning of 15th of May, in the presence of Chinese Ambassador Mr. Zou Xiaoli. He stated that more than 1000 people are employed, in their great majority Greeks, and asked the government not to delay the process and approach this as a political party decision. On the contrary, the government should view investment opportunities as a national matter since, as he mentioned, Greece should be in the epicentre of Europe and a superpower in the Balkan region. Captain Wei Jiafu, Executive Director of the company, told Theodorakis that Cosco is impressed by the efficacy and working methods that the Greeks have been working, since he has been living and working at the port for the last couple of years.

Piraeus covers a large number of shipping industries and businesses, serving as a hub for connecting mainland Greece with its innumerable islands and as recent developments shows supports economic activity on an international scale.

The binding bids are expected to be submitted by investors by September, to decide in whose hand the Piraeus port will end up.