A Memorandum of Cooperation was signed for the construction and management of the West Pier III



Piraeus, 28.03.2013



In the presence of Minister of Shipping and Aegean Sea Mr. Miltiadis Varvitsiotis and the President of Cosco Captain Wei Jiafou, a Memorandum of Cooperation was signed between the President and CEO of PPA SA, Mr. Yiorgos Anomeritis and CEO of PCT SA Captain Fu Cheng Qiu, for the signing, within one month, of a settlement under the Concession Agreement (Law 3755/09) for the construction and management of the West Pier III of SEMPO.
The final settlement is subject to the collegial bodies of the two companies (Board, General Assembly), the approval of the Court of Auditors, the European institutions and the Greek Parliament.
The project involves:
a)    the construction of the West Pier III, which currently does not exist, since in this area there is sea
b)    the oil jetty, which will be constructed on behalf of PPA SA and  will have its manage and
c)    ports of corporate social responsibility on behalf of the Municipality of Perama (Armos and Marina "E").
The total financial package for the project will be considered together by the Settlement Committee and experts from both sides.
PPA SA estimates that there will be significant benefits for the Authority, while these decisions are strengthening its views on privatization through concessions.