The construction risk management firm will provide construction supervision services in support of a $399 million Capital Expenditure Program for the Piraeus Port Authority in Greece.
Construction risk manager Hill International has received a contract to provide construction supervision services in support of a 350 million euro (U.S. $399 million) Capital Expenditure Program for the Piraeus Port Authority in Greece.
The four-year contract has an estimated value to Hill of approximately $2.7 million, according to the company. The Capital Expenditure Program will enable the upgrading and expanding of the port’s infrastructure, including a new cruise terminal, dredging projects and facilities improvements. The program is slated for completion by August 2021, said the company.
Hill was appointed as the port authority’s independent engineer, monitoring the construction and completion of the Capital Expenditure Program.
“This is a major foreign direct investment and a project of national significance for Greece,” said Emmanouil Sigalas, vice president with Hill International. “We are honored by this appointment and we look forward to supporting its delivery.”
China COSCO Shipping acquired the port of Piraeus in the fall of 2016, purchasing an initial 51 percent stake with an additional 16 percent share within the next five years. Under the terms of the deal, the Chinese conglomerate agreed to invest 350 million euros in the port over the next 10 years.
Regarding the country’s recent economic distress, the European Commission (EC) has recommended to the European Council to close the so-called “Excessive Deficit Procedure” (EDP) for Greece. The recommendation follows “the substantial efforts in recent years made by the country to consolidate its public finances coupled with the progress made in the implementation of the European Stability Mechanism (ESM) support program for Greece,” according to the EC.
Hill International lands Piraeus port contract
