Cosco Pacific, the port unit of China Ocean Shipping Group, seems to be distancing itself from any involvement in a port privatisation plan in Greece, where a new leftist government has tried to shed austerity commitments, casting doubt on further investment by the Chinese firm.

“Any decisions related to [the bidding] of Piraeus Port Authority (PPA) are made at our parent group level,” vice-chairman and managing
director Qiu Jinguang said after Cosco Pacific’s annual general meeting on Thursday. “We are not involved at all.”

The comments mark a U-turn from the company’s previous stance, when it repeatedly asserted interest in Greece’s largest port, a substantial part of which it already operates.

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