ATHENS: Greece will develop a major new US-backed shipping hub in the industrial region of Elefsina, Development Minister Takis Theodorikakos announced.
“The broader area around the Elefsina shipyards will develop into a major growth hub, featuring port, commercial, transport, energy, and defence activities,” Theodorikakos told Antenna TV.
The move is widely seen as aimed at curbing the influence of Chinese shipping giant Cosco, which holds a two-thirds stake in Greece’s largest port, Piraeus.
A legal amendment on the Elefsina project will be submitted to parliament for a November 27 vote.
The plan involves expanding activities at the ONEX shipyards, for which the US Development Finance Corporation issued a USD 125 million bond loan in 2023.
US Ambassador Kimberly Guilfoyle recently described Cosco’s presence in Piraeus as “unfortunate” but suggested solutions could be worked out.
Foreign ministry spokeswoman Lana Zochiou noted that the port concession occurred during Greece’s economic crisis when Chinese investors were the only bidders.
Cosco initially acquired Piraeus’ two main container terminals in 2008 before taking over the port authority and remaining terminal in 2016.
