The Greek Piraeus Port Authority (PPA) and Cosco Pacific's Piraeus Container Terminal (PCT) have signed a deal under which Cosco's port operating unit will invest €EUR230 million (US$286 million) in the Greek port.

The plan, already approved by shareholders, will increase the annual capacity of the port's piers II and III to 6.2 million TEU from the current 3.7 million TEU.

Cosco Pacific secured operational rights over terminals II and III in 2009. It signed a MOU for the investment with PPA last year. In addition, Cosco Pacific will develop an oil product facility, reports SinoShip News.

"A significant development project makes Piraeus, one of the most modern and biggest freight ports in Europe," said PPA president Giorgos Anomeritis.