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Plans For Sale Of Piraeus And Thessaloniki Port Authorities Shares


The Greek government receives proposals to sell shares of Piraeus and Thessaloniki port authorities to institutional investors. The competent maritime authorities believe that the government can make significant profit even if it reduces its participation to 51%, in case market conditions are favourable. It is estimated that private investors will invest up to 6.8 billion euro for the upgrading of Thessaloniki and Piraeus ports.

Cosco Pacific has submitted a 4.3 billion euro bid for Piraeus port, 79% of which is guaranteed. The top bidder for Thessaloniki port (HPH LTD – HPI SARL – Alapis – LYD) has submitted a bid corresponding to 2.5 billion euro in current value for the whole concession period. 

These revenues and the additional investment that will be realised in the ports will enable Piraeus and Thessaloniki port authorities to offer a wider range of profitable products, like the vehicle terminal in Piraeus or the development of their real estate property.

The Greek government could gain 400-500 million euro by selling a stake of up to 24% and keeping a 51% stake in the countrys two biggest ports.

Until the end of 2008, the government is estimated to announce a tender for the upgrading of security in 12 Greek ports through public-private partnerships (PPPs). Investors from the US, Britain and Israel are expected to compete for the project through which Greek ports will comply with ISPS Code standards.

At a first stage, the security systems will be installed in Piraeus, Thessaloniki, Patras, Lavrio, Volos, Rafina, Elefsina, Alexandroupoli, Kavala, Heraklion, Corfu and Igoumenitsa. Security will be reinforced in a total of 70 ports and 168 port facilities.

These projects will be implemented through public-private partnerships. The competent PPP authority has already approved the security upgrading project of the first 12 ports. The companies which will be awarded the projects will install security systems, appoint security experts and personnel and draft security plans.


Stelios Kraloglou

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