New Greek port owners face repair cost setback

ATHENS, Greece – Owners of the newly-privatized port of Thessaloniki, in Greece’s second-largest city, say they will need to spend an additional 27 million euros ($33.4 million) on unforeseen equipment repairs and upgrades, arguing that facilities were in far worse condition than described by the previous, state-appointed management.

The port’s sale was finalized earlier this year in a process closely watched by Greece’s bailout creditors who want the government to speed up privatization projects.

A consortium made up of German fund Deutsche Invest Equity Partners, France-based Terminal Link SAS, and Cyprus-based firm Belterra Investments, owned by Russian-Greek businessman Ivan Savvidis acquired 67 per cent of Thessaloniki port for 232 million euros ($287 million).

The consortium has also undertaken to invest 180 million euros ($222 million) to expand and deepen the port.