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Disputes between the port of Piraeus and the Chinese investor Cosco

11 October 2013 / 16:10:48  GRReporter
3273 reads
  • To settle the dispute about the changes in the agreement under the present procedure.
  • To carry out the activities regarding the increase in the capacity of pier ΙΙ and pier ΙΙΙ to 6.2 million TEU per year as proposed by "Container terminal - Piraeus" SA. "Container terminal - Piraeus" SA will pay the price specified in the concession contract (21% by October 2017 and 24.5% thereafter) on the basis of the total revenues from pier ΙΙ and pier ΙΙΙ, including the revenues from the western pier ΙΙΙ.
  • To build a pier for petroleum products. The project budget will be agreed following the completion of the technical study and the agreed price will be paid within 22 years, including a two-year grace period from the completion of the site, and at an interest rate equal to Euribor plus 4%.
  • The guaranteed returns provided for in the existing concession contract have not been cancelled. Their enforcement as of 2013 will be delayed due to the increase in capacity and the additional benefits for the port of Piraeus, and they will be linked to the GDP, until the GDP reaches 2008 levels plus 2% per year.
  • In the event of any judicial or administrative controversies and disputes with a third party exclusively due to specific changes in the concession contract, "Container terminal - Piraeus" SA will undertake to complete the appropriate procedures and exempt the port of Piraeus from any liability arising from the above contradictions, indemnifying it for any losses or expenses incurred by it.
  • Based on the above, a draft amendment to the contract will be immediately drawn up which will be submitted for approval under the following procedure: a) approval by the general assembly of "Piraeus Port" SA, b) notifying the DG COMP, c) preliminary control by the Court of Auditors, and d) ratification by parliament.
Tags: Port of PiraeusChinese investorCoscoDisputes
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