Cosco, China’s largest shipping group, is considering investing one billion euros ($1.34 billion) 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 percent 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.

Finance Minister Yannis Stournaras late on Monday said that Cosco had “shown an interest” in expanding its investment in Piraeus, while did not give any details.

However, “We are not aware of such information,” an OLP official who declined to be named told Reuters.

With 4 billion euros for operating concessions, COSCO has acquired management rights of the second and third wharfs of Piraeus Port, which is 74 per cent state-owned.

In order to raise more funds to meet debt payment needs, the Greek government launched the second round of a 50 billion Euro privatization program on October 16, which is the world’s largest privatization program of state-owned assets since World War II.