COSCO finalises agreement to develop US$3bn Peruvian multi-purpose port

COSCO Shipping Ports Ltd (CSP) has signed the subscription and investment agreement with Volcan to acquire stake in the Port of Chancay, where it has planned to develop a US$3bn multipurpose terminal.

Port of Chancay is located 58 km to the north of the Peruvian capital of Lima where, combined with the surrounding areas, 60% of the country’s economic activities are concentrated.

Zhang Wei, chairman and managing director of CSP, said: “With the rapid development of Peru’s economy and trade, insufficient port infrastructure capacity has become increasingly significant.