The Shipping Ministry announced, on November 12, an agreement between Piraeus Port Organisation (OLP) and the Chinese-owned COSCO subsidiary Piraeus Container Terminal (PCT), regarding the latter’s new investment amounting to €230 million in Piraeus port. This took place in the context of the extension of the contract between the two parties.

According to the ministry, the investment is expected to create 700 new jobs directly and 1,500 indirectly, and will ensure the growth prospects of Piraeus port.

"The COSCO investment, which was opposed more fiercely than any other in the past, will bring huge benefits to our country, and today we double the amount of the investment with a further €230 million," Shipping Minister Miltiadis Varvitsiotis noted. "The agreement seals the transition of the port of Piraeus into a new era, as this is the largest investment in crisis-stricken Greece," he added.

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