PERU and Chinese state-owned cosco Shipping have resolved a dispute regarding the US$3.6 billion Chancay port development, which is expected to transform cargo trade between Asia and Peru, reports Singapore's Splash 247.
The disagreement arose over exclusivity rights, which Peru's port authority claimed were mistakenly granted to Cosco.
Cosco had been building the port with the expectation of being its exclusive operator upon its opening in November.
The Peruvian government sought to annul the exclusivity, arguing the port should be open to other service providers.
After negotiations to avoid international arbitration, the dispute was resolved, and Cosco's exclusivity rights were affirmed. The judge has been asked to dismiss the lawsuit.
To date, $1.3 billion has been invested in the project. In 2019, Cosco acquired a 60 per cent stake in Terminales Portuarios Chancay from Volcan Compania Minera, a subsidiary of Glencore.
Once completed, the port will reduce the shipping time from Peru to Asia from 45 days to just 10 days, benefiting Brazil with faster access to Asian markets.
SeaNews Turkey
The disagreement arose over exclusivity rights, which Peru's port authority claimed were mistakenly granted to Cosco.
Cosco had been building the port with the expectation of being its exclusive operator upon its opening in November.
The Peruvian government sought to annul the exclusivity, arguing the port should be open to other service providers.
After negotiations to avoid international arbitration, the dispute was resolved, and Cosco's exclusivity rights were affirmed. The judge has been asked to dismiss the lawsuit.
To date, $1.3 billion has been invested in the project. In 2019, Cosco acquired a 60 per cent stake in Terminales Portuarios Chancay from Volcan Compania Minera, a subsidiary of Glencore.
Once completed, the port will reduce the shipping time from Peru to Asia from 45 days to just 10 days, benefiting Brazil with faster access to Asian markets.
SeaNews Turkey
