Signed today 27.11.2014 the B’ Modification of the Concession Agreement

Piraeus, 27.11.2014

 

PRESS RELEASE

 

Signed today 27.11.2014 the B’ Modification of the Concession Agreement between the Chairman and Maaging Director of PPA SA Mr. Yiorgos Anomeritis and Managing Director of PCT SA cpt. Fu Cheng Qiu, the presence of the Minister of Shipping, Maritime Affairs and the Aegean Mr. Miltiadis Varvitsiotis. 
This business – investment of EUR 230 million agreement concerns the construction of the West Pier III Container, the construction of Pier Petroleum on behalf of the PPA and the installation of new machinery in Piers II and III.
On the revenue generated by the overall operation of Piers II and III of the Container Terminal managed by PCT SA, PPA will receive 24.5%, ie in 2021 based on budgeted figures amount of 109.314.280 Euros, as that is its current turnover.
 This agreement was signed for transparency reasons after the approval of the draft: (a) by the competent services of the European Commission, (b) by the Board the Company, (c) of the General Meeting of the Shareholders and (d) following a decision of the Court of Auditors, on the observations of which was full adjustment of the final text.
After signing the Agreement, the President and Managing Director of PPA SA Mr. Yiorgos Anomeritis stated: "A significant development project with cost € 230 million with concession contract signed today, making Piraeus, one of the most modern and big freight ports of Europe. The PPA as owner becomes port of great value and annuities, in favour of the public interest, the port industry and the development of the country. The biggest issue in the country is to develop. It is the basic parameter that can give vent, along with other management, to the public debt problem. And only on the issue of development deserves all political and economic factors of the country to sit at the same table in order to achieve fast pace and yields. The PPA S.A., with its development  initiatives becomes the reformer of Piraeus, as one of the most important engines of growth, achieving high rates of revenue and profit for itself and increased revenue for the state. "

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