Greece: COSCO Will Spend US$707 million to Upgrade Piraeus Port Facilities

COSCO Pacific, a port operator subsidiary of China’s state-owned shipping giant China Ocean Shipping Co. (COSCO), has signed a US$4.2 billion deal to take over management of Greece’s container port Piraeus.

Cosco has signed a 35-year lease and will spend US$707 million to upgrade port facilities, build a new pier and almost triple the volume of cargo the port can handle, reported China Daily.

The move is part of an effort to create a network of ports, logistics centres and railways to distribute Chinese products across Europe. The Piraeus Port in Athens can currently load and unload 1.8 million containers a year.

By the end of the year China is expected to make a joint bid with a Greek company to create a US$252.2 million logistics hub at Attica, near the port, to distribute goods from China into the Balkans and the rest of the continent. The Chinese are also in talks to buy a share in the struggling state-owned railway in Greece.

Source: baird, July 15, 2010;

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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