Item 1 of 2 Dragline excavators stand at the construction site of a new Chinese mega port, in Chancay, Peru August 22, 2023. REUTERS/Angela Ponce/File PhotoDragline excavators stand at the construction site of a new Chinese mega port, in Chancay, Peru August 22, 2023.
Cosco added that the legal controversy has harmed the project and cautioned against imposing new rules on ports that some regulators have said they might consider.Cosco began developing Chancay port in 2019 as a hub in the South American Pacific and key growth driver for Peru. In 2021, Peru's National Port Authority awarded Cosco the exclusive right to run Chancay, but said in March that it never had the legal authority to grant it.
Cosco, which provides marine transportation services, is expected to invest some $1.3 billion on the first stage of the $3.5 billion project, with more than 70% of construction completed.
Source: News Formal (newsformal.com)
CMPNY DIP GEN INDS INDS08 POL PORTOP PRTSV PRTSV1 PUBL SHIP08 TNSI TPT TRAN TRD EASIA AMERS HK ASXPAC PE EMRG LATAM CN ASIA SAMER PACKAGE:WORLD-NEWS
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