Greece to sell two largest ports under identical terms

Greek ruling party Syriza has proposed a change in the terms of the sale of the country’s second largest port – the Port of Thessaloniki – to mirror those of the Piraeus Port, according to local media.
Back in May, the government of Greece invited China’s Cosco Group, Maersk Group’s APM Terminals, and Philippines-based International Container Terminal Services (ICTSI) to present their bids for a 51% stake in the Piraeus port.
The companies are to present their bids by September, with an option for the stake to increase up to 67% if the chosen company invests EUR 300 million in the port over a period of five years.
This Thursday, Greece plans to float the same scenario to potential bidders for the Thessaloniki Port Authority (OLTH), which is expected to get a new owner by June 2016, according to the latest plan.
Greece recently signed a memorandum of understanding (MOU) with its international lenders which stipulated that the binding bid dates for the ports of Piraeus and Thessaloniki must be announced by October.
The proceeds from the sales and privatization of national assets are expected to reach EUR 6.4 billion by 2017, Reuters reports. The MOU is a prerequisite for Greece if it wants to gain access to around EUR 85 billion offered through a new bailout program. 

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