he Piraeus Port Authority (OLP) board of directors on Monday approved the new and revised amicable settlement agreement between OLP and Piraeus Container Terminal (PCT), a subsidiary of Cosco Pacific Limited, which is expected to be formally approved at the shareholders’ meeting on Tuesday, at 12:00 noon.

The business plan provides for 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 and the refitting of Pier II and East Pier Container Terminal III with new machinery. The works are expected to be completed by 2021 the latest. The capacity aimed for is over 7,200,000 TEUs (containers).

The state privatisation agency, Hellenic Republic Asset Development Fund, is OLP’s majority shareholder with a 74.14 stake.

On September 9, the Court of Audit had found the original amicable agreement in violation of the law. It approved the new investment plan – amounting to 230 million euros – on September 23. According to unions representatives, the Court of Audit terms included the payment of a fixed annual rent paid for the future West Pier III, and the duration of the suspension of the guaranteed offset given by PCT.

After the shareholder approval on Tuesday, the final draft of the agreement will be forwarded by the Shipping & Aegean ministry to the Parliament for ratification.

Also ongoing at the same time is the itnernational tendering for a sale of 67 pct of OLP’s shares. Cosco is one of five bidders interested in Piraeus, Greece’s central port.

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