Deputy Prime Minister Yiannis Dragasakis announced from Beijing on Friday that the privatization of the Piraeus Port Authority will come in a few weeks.

According to Dragasakis, the Chinese multination Cosco, considered amongst the favorites to assume a controlling share of the port, has tabled a competitive bid.

Speaking to Xinhua, he explained that the tender delay to sell 67.7% of PPA was due to a new government taking office.

The delay generated reactions by the Chinese side, especially after the relevant minister, Panagiotis Lafazanis, personally cancelled the tender even before being sworn in. His hasty decision was later overturned by the new government amid heightened criticism by Greece’s international creditors.

Cosco already managed two terminals at the port.

Among others, Dragasakis invited more Chinese businesses to participate in Greek tenders.