Piraeus, 12.11.2013
Draft Agreement between PPA S.A. and PCT S.A. to invest 230 million euros in the Container Terminal of PPA S.A.
Negotiations have been completed for the Draft Agreement B’ Modification of the Concession Agreement of 2008 between PPA SA and PCT SA, in which the two sides reached after the MoU and the practical of procedures, which were signed in June and August of 2013.
By resolution of the Board of PPA SA the Draft Agreement is sent to the Court of Auditors for pre-contractual audit and notified to DG Comp of the European Commission. Then, this text will be forwarded to the General Meetings of both companies and then to the Greek Parliament for enactment.
The Draft Agreement, concerns investments of 230 million euros for (a) the construction and operation of the West Pier III of the Container Terminal of PPA S.A. from the PCT SA, (b) the construction on behalf of PPA SA of Pier Petroleum and (c) upgrade with new mechanical equipment of the Pier II and East Pier III of the Container Terminal.
With the execution of these projects and the installation of cranes Super-super Post Panamax, Piraeus becomes a hub - port for serving new generation ships, while the capacity of Piers II and III of the PCT SA increased from 3.700.000 TEU in 6.200.000 TEU.
The consideration to PPA SA (rent) over the turnover of PCT remains unchanged (21% by 2016 and 24.5% from 2017), while the conditional suspension of the guaranteed minimum fee is offset by the increased annual, guaranteed capacity (4.750.000 TEU) of the piers under the management of PCT SA.
All projects will be built with permits under the Steering supervision and control of PPA SA. The main points of the suggestion of the President and CEO Mr. George Anomeritis, the Draft Agreement and Topographical Chart on the website www.olp.gr.
