Cosco eyeing bid for Greece’s largest port

Tuesday, 15 January 2013 00:00 - - {{hitsCtrl.values.hits}}

ATHENS, Jan 14 (Reuters): Chinese shipping group Cosco is considering investing one billion euros in Greece’s largest port at Piraeus (OLP), which is on the government’s privatisations agenda, financial daily Imerisia said on Monday. “The Chinese group would be interested in acquiring a 60% stake in OLP,” the paper said without citing sources.

It said Cosco is planning to make the investment proposal after Athens decides what procedures it will follow on the privatisation of its two largest ports -- Piraeus and Thessaloniki Port. After securing the unlocking of bailout funding from its international lenders, Athens is turning its focus on investments to jump start the country’s slumping economy, which is in its sixth straight year of recession.

Cosco has already made a major investment in Piraeus port, which is 74% state-owned.

“We are not aware of such information,” an OLP official who declined to be named told Reuters.Officials at Greek privatisation agency TAIPED were not available for comment.

In 2011 more than 20 million passengers and 1.7 million containers passed through Piraeus, the country’s busiest port and a gateway to Eastern Europe, according to the Piraeus Port Authority (OLP)