Cosco Completes US$3bn Peru Port Deal

Maritime Activity Reports, Inc.

May 16, 2019

Pic: Cosco Shipping Ports

Pic: Cosco Shipping Ports

Hong Kong-based international port operator Cosco Shipping Ports has completed the equity transaction of project company responsible for its greenfield subsidiary at the Port of Chancay, Peru.

With the equitytransaction of the Project Company was officially completed on 10 May 2019, Port of Chancay became the company’s first greenfield subsidiary in South America and COSCO Shipping Ports plans to developing the port to an important gateway port in South America.

In January 2019, Cosco signed a subscription and investment agreement with Volcan to acquire a 60% stake in the facility, which is located 58 kilometres north of the Peru’s capital and economic centre Lima.

A ceremony to recognise the transfer was attended by President of Peru Martín Vizcarra and a number of high-ranking officials from the government, as well as Chairman of COSCO Shipping Corporation, Captain Xu Lirong.

The event culminated in the signing of closing certificates by Zhang Wei, Chairman and Managing Director of Cosco Shipping Ports and Mr. José Picasso, Chairman of Volcan Compañía Minera S.A.A, finalizing the deal.

Martín Vizcarra said, “The signing of the closing certificate by companies from Peru and China is a milestone. The companies from China and Peru jointly invested and developed Chancay Project, which laid a solid foundation for Peruvian economic development, as well as trade cooperation between China and Peru."

"The construction of the Port of Chancay will contribute to the regional development and we expect to develop Port of Chancay into one of the most important hub ports in South America and logistics center near the Pacific Coast, which will promote the regional trade and the trade between China and the Latin America,” Martín added.

Ms. María Esperanza Jara Risco, Minster of Transportation and Communications of Peru, said, “As an important infrastructure project, Port of Chancay is the achievement from increasing trust between Chinese and Peruvian companies. The project is not only a multimodal transportation project upon completion, but also an important infrastructure project that contributes to Peru, as well as generations of Peruvian people.”

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