New investments in the port of Piraeus
China’s COSCO Shipping, the majority owner of the Port of Piraeus in Greece, has unveiled plans for extra investments in the long-running port project. At the same time, Greece has told China it is open for new China-backed ventures [COSCO to invest more than US€100 million in the Piraeus port].
The new investments in Piraeus total €90 million. Of that amount, 70 million will go to upgrades of the three exiting container terminals and 20 million will be used to improve the ship-repair facilities. The investment will add 800.000 TEU to the port’s annual handling capacity by 2022, for a total of about 7.8 million TEU.
Plans to build a fourth terminal in Piraeus, which would add another 2 million TEU to the port’s capacity, appear to be on hold for the moment. The Greek government has yet to give final approval for the €188 million plan.
But that does not stop Greece’s desire for more Chinese capital. In an online conference with China, Yannis Smyrlis, Secretary-General for International Economic Relations at the Ministry of Foreign Affairs, said that money from the EU Recovery Fund would support economic growth, and thus make Greece more attractive for Chinese investments. Smyrlis mentioned logistics, railways, airports, and ports in northern Greece as possibilities [Greek officials invite Chinese investment in post-COVID-19 Greece].
Chinese Ambassador to Greece Zhang Qiyue was in on the call. She was even more ambitious, indicating that China wants more than just infrastructure. She said countries may collaborate on projects in sectors such as green energy, digital networks, innovation, e-commerce, and services.
The year 2021 has officially been designated as the Greek-Chinese Year of Culture and Tourism, with multiple events planned in both countries, notwithstanding Covid-19. The schedule includes language-exchange programs and increased cooperation between universities.
While that is happening, China’s State Grid electricity company continues building an electricity-network connecting many of Greece’s smaller islands, via local energy company IPTO, in which it owns 24%.
Going back to Piraeus, in late October, a fleet of three Russian navy ships berthed at the port for three days for supplies and official visits. The fleet, including the destroyer Vice-Admiral Kulakov, were on deployment in the Mediterranean and also made port calls in Algeria, Cyprus, and Syria. It was the first such visit of the Russian navy to Piraeus. Chinese navy ships visited the port in 2017 and 2019.
Tycho de Feijter
|
|
