The underutilized Elefsina shipyard, located on the outskirts of Athens, will be upgraded and modernized through what is essentially a $125 million bailout by the US International Development Finance Corporation (DFC), with the aim of making it into a maritime and energy supply hub for the region.
The deal was signed between ONEX Elefsis Shipyard and Industries (ONEX) and DCF in an attempt to rescue the shipyard after falling 423 million euros into debt.
Yesterday in a ceremony at the shipyard with the US Ambassador George Tsunis, DFC CEO Scott Nathan and Greek Minister of Development and Investment Kostas Skrekas commented on the deal.
Thrilled to help launch @ONEXShipyards @DFCgov $125 million partnership to reopen and rehabilitate Elefsina Shipyard. Together the U.S. and Greece are restoring Elefsina as a world-class maritime center, creating up to 1,000 jobs and shared prosperity for our countries through… pic.twitter.com/E3gpJtEquY
— George J. Tsunis (@USAmbassadorGR) November 7, 2023
ONEX plans to expand the shipyard’s capacity to repair and upgrade liquified natural gas (LNG), particularly those that serve nearby facilities.
Nathan said the group is proud to participate in the infrastructure project that will “create a maritime and energy hub that will create good local jobs here in Greece and help the country and region become less reliant on Russian energy.”
Elefsina started operations in 1969 and is 10 nautical miles from the port of Pireaus, Greece’s biggest port and the fifth largest in Europe.