Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF said on Wednesday.
Alexandroupolis, which is close to Bulgaria and Turkey, has been used by U.S. military ships to unload munitions and move them to the eastern flank of the NATO Western alliance.
It is also expected to become an important entry point for energy to Europe, with Gastrade developing a floating gas and regasification unit off the city, while Greece and Bulgaria have been looking to revive a pipeline project to transport crude oil from the port to Bulgaria’s Black Sea port of Burgas.
The EU funds will be used for dredging works and the construction of road infrastructure, HRADF said in a statement, adding that an adviser will work on a business plan.
Αthens last year called off the sale of a 67% stake in Alexandroupolis, saying the port was too valuable to relinquish.