Cosco said to be mulling buyout of Piraeus port for US$1.3 billion

COSCO may invest EUR1 billion (US$1.33 billion) in Greece's Port of Piraeus (OLP) amid a privatisation drive by the government that aims to seek investors to revitalise an economy in its sixth consecutive year of recession.

The Chinese group would be interested in acquiring a 60 per cent stake in OLP, reported the Greek financial daily Imerisia without citing its 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 sea freight gateways, namely Piraeus and Thessaloniki ports.

"We are not aware of such information," an OLP official told Reuters, and 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 port, making it the country's busiest port that also serves as a gateway to Eastern Europe, according to data from the Piraeus Port Authority (OLP).