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Greece sells Piraeus Port to China's Cosco for about $420 million

China COSCO Shipping Corporation Limited, China's State-run shipping giant, entered into a deal with Greece's privatisation fund HRADF on Friday to take over a 67-percent stake in the European nation's main port of Piraeus. Under the deal, COSCO, the fourth-largest container shipping firm and second-largest port operator in the world, will pay the cash-strapped country 368.5 million euros ($418.8 million), and also promises to invest another 350 million euros ($398.9 million) over the next decade in infrastructure work at the port. The agreement was signed by HRADF chief Stergios Pitsiorlas and COSCO Hong Kong CFO Feng Jinhua in the presence of Greek Prime Minister Alexis Tsipras, China COSCO Shipping Chairman Xu Lirong and Chinese Ambassador to Greece Zou Xiaoli at the office of the Greek Prime Minister.

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Cosco,piraeus port,privatisation