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One Belt One Road looks to Cosco to forge Greek rail to Piraeus port
COSCO is expected to make an offer for Greece's rail network after becoming the sole bidder for the Piraeus container port, Reuters reports.
China's state-owned shipping giant is forging ahead with a plan to build a European transshipment hub, say sources familiar with the deal.
Buying TRAINOSE and Piraeus Port would give Cosco maritime connections to the Suez Canal and rail links to the Balkans and central and Eastern Europe.
This also fits with China's "One Belt, One Road" policy of building a modern Silk Road to boost trade and create an outlet for Chinese industrial powerhouses caught up in the global downturn and slower growth at home.
Cosco was unchallenged in its US$400 million offer for a 67 per cent stake in Piraeus Port last month and is set to be named the preferred investor.
But it could face competition for the rail network, including from US railway holding company Watco, one of the individuals said, after Greece relaunched the tender in an effort to drum up more interest.
"Cosco and Watco are interested in TRAINOSE," said the source, who declined to be identified. "There is also a Greek group which is interested and is looking for a partner."
Cosco Pacific owns stakes in terminals at the Suez Canal and Antwerp in Belgium, while rival Merchants Holdings has interests in terminals in Malta, Morocco and France.
China's state-owned shipping giant is forging ahead with a plan to build a European transshipment hub, say sources familiar with the deal.
Buying TRAINOSE and Piraeus Port would give Cosco maritime connections to the Suez Canal and rail links to the Balkans and central and Eastern Europe.
This also fits with China's "One Belt, One Road" policy of building a modern Silk Road to boost trade and create an outlet for Chinese industrial powerhouses caught up in the global downturn and slower growth at home.
Cosco was unchallenged in its US$400 million offer for a 67 per cent stake in Piraeus Port last month and is set to be named the preferred investor.
But it could face competition for the rail network, including from US railway holding company Watco, one of the individuals said, after Greece relaunched the tender in an effort to drum up more interest.
"Cosco and Watco are interested in TRAINOSE," said the source, who declined to be identified. "There is also a Greek group which is interested and is looking for a partner."
Cosco Pacific owns stakes in terminals at the Suez Canal and Antwerp in Belgium, while rival Merchants Holdings has interests in terminals in Malta, Morocco and France.
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