Confirming the Parapolitika.gr report, the government has introduced an amendment to Parliament for the transfer of Elefsina port to the city’s shipyard area, contributing to the development of a new commercial center in the region, based on American plans to create a hub, as became clear from yesterday’s meeting between Development Minister Takis Theodorikakos and US Ambassador Kimberly Guilfoyle.
The plan also includes rail connection of the Elefsina shipyards, currently controlled by the Onex Group, with the Thriasio Plain where Thriasio Commercial Center (ThEK) operates, controlled by the Goldair Group and Piraeus Bank, as reported by Vangelis Mandravelis for powergame.gr.
What the Elefsina Shipyards amendment provides
As Development Minister Takis Theodorikakos revealed, the current Elefsina port will largely be returned to the local community. He also announced that the amendment for Elefsina shipyards, which will enable them to acquire new activities (energy, defense, commercial, etc.), has already been submitted to Parliament for voting within the bill creating the Independent Authority for Market Supervision and Consumer Protection (AEMPK).
The draft law was submitted yesterday to Parliament for voting and is expected to be passed by the end of the month. The relevant article added to the law modifies Law 4965/2022 concerning the rehabilitation of Elefsina Shipyards. Specifically, it modifies Article 4 of the relevant law which refers to the succession of rights to the new (and healthy) Elefsina shipyards management company. The article notes that the new company becomes the successor to Elefsina Shipyards activities as defined in 1997.
Specifically, Article 4 of Law 4952/2022 states that “the new entities become successors to the rights defined in paragraphs 6 and 7 of Article 4 of Law 2528/1997 (A’ 216) and can continue to exercise these rights according to existing concession terms for their shipbuilding and repair activities.”
The article modification states that the new successor company “may also exercise for the purpose of providing supply, port and all kinds of related support services… as well as commercial, defense, supply or energy services for the purpose of more beneficial utilization of shipyard facilities…”
More specifically, Article 52 included in the Parliament’s draft law states: “Regarding the rehabilitation procedure of NVEE SA of this law, in case of transfer of company assets within the framework of the concluded rehabilitation agreement according to the terms of this authorization, the new entities become successors to the rights defined in paragraphs 6 and 7 of Article 4 of Law 2528/1997 (A’ 216) and can continue to exercise these rights according to existing concession terms for their shipbuilding and repair activities. The rights of paragraphs 6 and 7 of Article 4 of Law 2528/1997 may also be exercised for the purpose of providing supply, port and all kinds of related support services by the new entities and legal persons in which they participate directly or indirectly, independently or in partnership with port management and operation entities of Greek State interests, with direct or indirect participation in them, as well as commercial, defense, supply or energy services for the purpose of more beneficial utilization of shipyard facilities, their existing and future infrastructure, serving their operation and all kinds of their activities, provided that the smooth operation of the investment of the first paragraph is not hindered and in accordance with Regulation (EU) 651/2014 of the Commission of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty on the Functioning of the European Union.”
Finally, it’s worth noting that Elefsina shipyards are expected to benefit significantly from the new Development Law regime for super-depreciation on defense investments. The new regime comes in addition to existing regimes and aims to provide super-depreciation rights on investments worth 150 million euros annually.
It should be noted that, according to powergame.gr, American interests want to significantly reduce Chinese presence at Piraeus port. However, since the Chinese don’t seem willing to easily leave Piraeus, the US is turning attention to the neighboring Elefsina port, to create all necessary infrastructure there that will cover growing needs in energy, commerce and defense. Indicative of American intentions are Ms. Guilfoyle’s recent interview comments, where she sent the message that “either we will upgrade other neighboring areas” or the Chinese will be forced to sell Piraeus.
