Peru withdraws request to revoke Cosco’s rights for Chancay

Peru has asked a judge to withdraw its request to revoke exclusive operating rights from China’s Cosco Shipping Ports for the Chancay megaport, Reuters reported. The decision eases tensions ahead of a meeting between Peruvian President Dina Boluarte and Chinese President Xi Jinping.

This move follows a transportation ministry prosecutor’s formal withdrawal request and congressional approval of changes to Peru’s ports law, ensuring Cosco’s exclusive rights.

In March this year, the National Port Authority (APN) of Peru took steps to revoke the exclusivity rights previously granted to Cosco, saying that the decision was prompted by the entity’s lack of legal authority to grant such privileges.

The US$3.5 billion project, seen as a key South American Pacific hub, has faced opposition from the US and Europe.

The port is being developed through a collaboration between Chinese state-owned company Cosco Shipping Ports and Peruvian mining company Volcan, who partnered in 2019. Cosco is investing US$1.3 billion in the project’s first stage, which is now over 83% complete.

As WorldCargo News reported on Friday, the first consignment of five double-cantilever automated rail cranes, made by China’s ZPMC, arrived on 14 June in Chancay.

Located about 65 kilometres from Lima, Peru’s capital, Chancay Port is becoming a vital addition to South America’s Pacific coastline. With its natural deep-water harbour and direct connection to the Pan-American Highway, the port is positioned in one of Peru’s most economically dynamic regions.

Cosco plans to inaugurate the port in November during the APEC summit in Lima.