Chinese shipping giant COSCO is offering up plans for the perspective privatization of the main port in Cyprus.

COSCO is among more than 70 companies shortlisted by Cyprus' Ministry of Transport for the commercial development of Limassol.

Final tenders are expected to be issued by November.

Limassol port operations are among the first state-owned assets put under plans for privatization as part of the island's 11-billion U.S. dollar bailout in 2013.