ATHENS, July 6 (Reuters) – China COSCO Shipping will make investments as much as 500 million euros ($553.10 million) in its newly-acquired Piraeus port to deal with the cruise market and the delivery container enterprise, Greek state media reported on Wednesday.

COSCO deliberate to plough some 200 million euros into upgrading and increasing Piraeus so it may settle for larger cruise ships, and improve infrastructure for dealing with container dealing with, Athens News Agency quoted China COSCO Shipping chairman Xu Lirong as saying. It would additionally lengthen shipyard amenities, he stated.

Xu was talking in Shanghai after a gathering with Greek Prime Minister Alexis Tsipras, on a state go to to China.

COSCO’s funding can be over and above the necessary 350 million it’s required to plough into Piraeus over the following decade.

Under the 368.5 million euro deal signed in April between COSCO and Greece’s privatisation company, COSCO is to purchase 51 % of Piraeus for 280.5 million, with an additional 16 % for 88 million after a 5 yr interval.

Greece’s parliament overwhelmingly ratified the sale final week, overcoming some final minute snags which triggered complaints from the native COSCO consultant that elements of the deal submitted to legislature reneged on the preliminary deal. ($1 = 0.9040 euros) (Reporting by Michele Kambas, enhancing by Louise Heavens)

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