China Invests in Greek Shipping Projects

16 June 2010 (Last Updated June 16th, 2010 18:30)

China is expected to invest €500m ($615m) in joint ventures, charter agreements and shipbuilding deals with Greece. A Greek Government official said the deals would concern maritime affairs, telecoms and a project to renovate a landmark tower building in the Athenian port of Piraeus, re

China is expected to invest €500m ($615m) in joint ventures, charter agreements and shipbuilding deals with Greece.

A Greek Government official said the deals would concern maritime affairs, telecoms and a project to renovate a landmark tower building in the Athenian port of Piraeus, reports turkishmaritime.com.tr.

China’s state shipping company Cosco has already secured a €3.4bn ($4.1bn) contract to control a container terminal at Piraeus and is also building new vessels for Greek owners.

This year, China is expected to make a joint bid with Greece’s state port company to create a €200m ($246.3m) logistics hub near Athens to distribute goods for China in the Balkans.