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Committee Partially Approves Master Plan for Piraeus Port Development

Piraeus port

A handful of projects including the construction of a mall near the cruise terminal and a logistics center in Keratsini were not approved this week by the Port Planning and Development Committee, which convened on Tuesday for the approval of a master plan for the development of Piraeus port.

Photo Source: Piraeus Port Authority

Piraeus, Greece. Photo Source: Piraeus Port Authority

Other projects that did not get the go-ahead include one of four hotel units, the installation of an 8,500-ton synchro-lift and the creation of two parking areas.

Aiming to transform Piraeus into a home porting hub and the largest shipbuilding base in the eastern Mediterranean, Piraeus Port Authority (PPA) managers Cosco submitted a master plan last year, aiming to invest millions of euros into a number of upgrade projects.

According to Tuesday’s decision, the plan has been partially approved, adding that there is a divergence in the number of projects foreseen in the concession agreement between the Greek government and Cosco. These include, according to the report, environmental impact studies, and a number of other works.

The Chinese shipping giant, which is bound by the agreement to invest an additional 293.7 million euros in 11 projects towards the development of the PPA, has reportedly expressed is dissatisfaction with the long-awaited decision, adding that is is eager to move ahead with the works in order to keep to its timeline.

The "Pagoda" building in Piraeus. Photo Source:

The “Pagoda” building in Piraeus. Photo Source:

On its part the shipping ministry noted that “in any case, the development of port policy should take into account the added value of investment for the local economy and the need for a harmonious coexistence of port operations with the needs of the city and the local community”.

Upgrade works as laid out in the master plan include establishing the port into the largest shipbuilding base in the eastern Mediterranean, with the capacity of servicing up to 450 vessels a year, including mega yachts. These also include the construction of four new hotels (one of which was turned down) – among these the landmark “Pagoda” building – a new cruise terminal accommodating up to six cruise ships and a shopping center (which was also not approved) next to the new cruise terminal.

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