Greece drafts new bill for the sale of Piraeus Port‏

Gazzetta team
Greece drafts new bill for the sale of Piraeus Port‏
A draft law envisaging a new concession contract between the Greek state and Piraeus Port Organization -still pending- will pave the way for the submission of binding offers in a tender to buy 51 pct in Piraeus port by the three candidate investors participating in the second phase of the tender (COSCO, AMP Terminals Maersk, ICTSI).

The whole process is expected to be completed by the end of September according to a timetable set. The new draft bill is expected to be tabled to Parliament. Drafting of the bill began in December 2014 but failed to be completed because of the general elections. The Greek state has signed a master concession contract with Piraeus Port Organization offering exclusive rights of use and exploitation of land, buildings and infrastructure. Property rights will remain in the Greek state. Piraeus Port has also administration and regulatory authorities and agreed to pay a 2.0 pct of turnover in exchange for the concession contract.

ANA-MPA sources, said that Hellenic Republic Asset Development Fund and the Piraeus Port Organization, along with government ministries, were working on a draft legislation for the sale of a 51 pct of Piraeus Port's shares to investors and to create a port authority in Piraeus taking over all administration and regulatory powers. Piraeus Port will be able to perform only commercial activity.

The same sources said that this model will be used for the other ports in the country.

Merchant Marine Minister Thodoris Dritsas recently said that despite he was personally against selling the port of Piraeus he noted that preparations were under way for a new concession contract. Cargo management officials told ANA-MPA that a swift completion of the port's sale will give a signal to international investment community that Greece supported investments in the country.