News and Events The Privatization of the Piraeus Port Authority Is Underway
The Privatization of the Piraeus Port Authority Is Underway
By the end of October, without any delay, the binding offers for the acquisition of a majority stake of shares of the Piraeus Port Authority must be submitted, according to statements of the Hellenic Republic Asset Development Fund (HRADF).
By then, the new Minister of Economy, Infrastructure, Shipping and Tourism together with HRADF are expected to complete the bill which will cover the new concession agreement between the Greek government and the Piraeus Port Authority to be passed by the House of Parliament and which will stipulate the conditions of use and exploitation of land, buildings and infrastructure of the area of the port, the percentage of the annual consideration to the state (which is currently 2% of the turnover) while administrative and regulatory powers will be removed from the Piraeus Port Authority.
At the same time, a separate port authority will be created to have an overall management role and to which the administrative and regulatory powers of the Piraeus Port Authority will be transferred. Depending on the investment to be made to the Authority by the new investor, an additional percentage of up to 67% of the total business will be made available.
The main contenders for the port of Piraeus are at the moment the Chinese conglomerate Cosco, the Danish APM Terminals and the ICTS from the Philippines. Additionally, eight investment groups have expressed interest in acquiring 67% of the share capital of the Thessaloniki Port Authority.