Peruvian Government News

Global ports operator Cosco Shipping Ports acquiring 60% stake in Terminales Portuarios Chancay (Chancay Terminal) from Volcan Compañía Minera for a total consideration of US$225million.Zhang Wei, Vice Chairman and Managing Director of Cosco Shipping Ports and  José Picasso, Chairman of Volcan signed the agreement on behalf of the two parties.The ceremony was witnessed by Mercedes Aráoz, Vice President of Peru,  Xiao Yaqing, Chairman of State-owned Asset Supervision and Administration Commission of the State Council, PRC, among others.Cosco Shipping Ports will partner with Volcan to build Chancay Terminal into an important gateway port in Peru.

Brazil has shelved a planned railway to ship commodities destined for China through Peru as it was too costly and faced "absurd" engineering challenges, a Brazilian official said. The 5,000-km (3,300-mile) railway over the Andes to the Pacific coast, announced during a visit by President Xi Jinping in 2014, was meant to speed up soybean and iron ore exports to China at a lower cost by bypassing the Panama Canal. But at an estimated cost of $80 billion, the railway would not be commercially viable if it transported just commodities and not more valuable goods, Jorge Arbache, vice planning minister for international affairs, told Reuters in an interview late on Thursday. Peru also opposed the planned route that cut through one of the country's most important nature reserves, he said.

U.S. agents searched the offices of a California-based wood importer this week as part of a broadening government crackdown on imports of illegally harvested timber, according to a previously unreported federal search warrant seen by Reuters. The Department of Homeland Security agents are probing whether privately held Global Plywood & Lumber Inc violated U.S. and Peruvian law by importing wood that officials say was taken from the Amazon without proper permits, according to the warrant filed in U.S. District Court for the Southern District of California in San Diego on Monday and executed on Tuesday. No charges have been brought against the company. A Homeland Security spokesman in Houston said the investigation was ongoing.

Daewoo Shipbuilding & Marine Engineering Co. said that it has signed a memorandum of understanding with Peru to build ships for the country's navy as part of the South Korean company's plan to raise exports of submarines and other military vessels. "The initial pact gives us exclusive rights to build submarines and multi-role support ships if we clinch a final deal with the Peruvian government," said Daewoo Shipbuilding Chief Executive Ko Jae-ho.  The pact also includes maintenance and upgrades of submarines for the Peruvian Navy.  The MOU comes after Daewoo signed a deal last year to sell $1.1 billion worth of submarines to Indonesia. Early this year, it received a $704 million contract to build Military Afloat Reach and Sustainability, or MARS, tankers for the British Navy.

Terminal Muelle Norte at Peru’s largest port is the latest of three expansions into new areas won by APM Terminals this year. Lima, Peru- The new 30-year concession contract for the development and operation of Terminal Muelle Norte at the Port of Callao was signed today by Peruvian President Alan Garcia and representatives of APM Terminals and local partner Central Portuária S.A.C. in the Presidential Palace in Peru’s Capital City of Lima. “Our vision is to transform Terminal…

The Peru LNG project, the largest industrial project ever to be undertaken in the history of Peru, officially launched today by awarding to Chicago Bridge & Iron Company N.V. (CB&I) the engineering, procurement and construction (EPC) contract for a natural gas liquefaction plant valued in excess of $1.5b. The Notice To Proceed authorization represents a commitment by the international project consortium (consisting of Hunt Oil Company of the United States, SK Corporation of Korea and Repsol YPF of Spain) to move forward with their direct investments to develop the Peru LNG gas export project. Hunt Oil Company will serve as operator of the project. Peru LNG is a key component in Peru's overall energy plan.