Amna News

Japan refiners book US crude cargoes for Sept delivery. Asian demand for crude oil from the Atlantic Basin and the Americas is set to rise as low prices drive Japanese and South Korean buyers to snap up cargoes to arrive ahead of peak winter consumption. Robust appetite from the region could help soak up excess supplies in Europe and the United States, offering some support to benchmark global prices that plumbed 10-month lows last week. The loading of oil shipments from Europe and the Americas to Asia tapered off in June after surging between March and May, but the recent price slump is pushing Asian buyers and traders to once again turn to the North Sea Forties grade of oil and to U.S. crude.

The Competition Commission approved the sale of a majority stake in Piraeus Port (OLP) to China’s COSCO during its meeting on Wednesday, saying it is in line with Greek competition laws. According to Greek national news agency AMNA, the next and final step for the changing of hands at Piraeus port is for the concession agreement to be submitted to parliament for approval. “Having taken into account the conditions and prospects of the relevant market, the improvements in its efficiency and the commitments given, concluded that the concentration does not raise serious doubts as to the compatibility of the deal with the performance requirements of competition in the individual markets it concerns,” the Commission said in its decision.

The National Privatization Fund (TAIPED) sources said that Greece's Court of Audit has approved the sale of a 67 percent in the Piraeus Port Authority (OLP) to Chinese Cosco, according to Kathimerini. Greek national news agency AMNA also reported, citing credible judicial sources that Greek Court of Audit, Greece's supreme administrative court, approved  the sale of the majority stake. On February 17 Greece's privatization fund had declared COSCO Preferred Investor for the sale of the controlling stake in Greece's largest port for 368.5 million euros. Under the concession deal which expires in 2052, COSCO will invest an extra 350 million euros over the next decade in infrastructure works at Piraeus.

Greek President Karolos saw successful cooperation with COSCO in the Port of Piraeus as a pointer towards further bilateral collaboration. The Greek president voiced his thoughts during a visit to the Chinese company's Piraeus Container Terminal (PCT) in Athens reports China Daily. Papoulias expressed confidence that with COSCO's success and following Greek Prime Minister Antonis Samaras' official visit to China two weeks ago, more Chinese companies will come to invest in Greece. Citing statements to Greek news agency AMNA, China Daily reports that Greek Shipping Minister Costis Moussouroulis who accompanied the president on the visit, thought that the company's new investment projects verified the strategic position the port of Piraeus holds in the global sea transport system.