Sunday , 24 June 2018
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COSCO to operate new Peruvian facility

COSCO Shipping Holding will build and operate a US$2b facility near Chancay, Peru, as part of US$10bn worth of Chinese investments in the South American country.

The announcement, reported by Reuters, was made by China’s ambassador to Peru who also said that China Railway Engineering Corporation (CREC) plans to build a port in Ilo, in the south of the country.

The current port in Chancay, 58 km north of Lima, was last under control by mining group Volcan, which recently announced it was seeking a strategic partner.

Chinese ambassador Jia Guide said: “Chinese-Peruvian relations behold a promising outlook. In the next three years, a wave of Chinese investments worth $10 billion is expected, in energy and mines, telecommunications, construction and financing.”

Edgar Patino, director of Peru’s national port authority, said he was unaware of any plans for a new port at Ilo and said any expansion to the current port would only come following a the construction of a new railway that connected the facility to Brazil, Bolivia, and other countries.