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Greece inked the sale of Piraeus Port Authority to China COSCO Shipping Corporation on Friday, as striking dockworkers protested against the country's second major privatization since late last year.
The sale of Greece's biggest port had been stopped by the leftist government of Alexis Tsipras when it won elections in January 2015, only to be resumed in August under Greece's $98 billion bailout deal with its euro zone partners.
Dockworkers walked out on Friday and marched in central Athens to protest against the deal, which they fear will put their jobs at risk. Container terminals were shut as a result of the strike.
Under the 419 million deal, signed on Friday by China COSCO with Greece's privatization agency, COSCO will buy 51 percent of Piraeus for $319 million and the remaining 16 percent for $100 million
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after five years once it completes investments of approximately $400 million over the ten years.
China COSCO Chairman Xu Lirong, present at the signing, likened Piraeus Port to the "Argo," the ship used by Jason and the Argonauts.
"Let the ship sail and bring the Golden Fleece," Xu said, adding that COSCO would invest in upgrading infrastructure at the port and that new jobs would be created.
The total value of the COSCO contract is $1.7 billion, including additional investment, as well as revenues of $467 million, dividends and interest Greece is expecting to collect under the 36-year concession deal between Piraeus Port and the government.
For more of the UK Reuters story: uk.reuters.com
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