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China's COSCO raises stake in top Greek port Piraeus to 67%

Shipping giant says it aims to expand key foothold in Belt and Road initiative

Chinese President Xi Jinping, left, and Greek Prime Minister Kyriakos Mitsotakis visit the COSCO container terminal in Piraeus in November 2019.   © Reuters

DALIAN, China -- State-owned China COSCO Shipping, China's top maritime freight company, has lifted its stake in Greece's largest port to 67%, tightening control over an important link in the country's Belt and Road initiative.

An event was held Monday to mark the completion of the transfer to COSCO of an additional 16% stake in the Mediterranean Sea port of Piraeus, a container ship hub for Europe, the Middle East and North Africa.

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