China Cosco and Peruvian Volcan sign agreement for US $ 3 billion for execution of Chancay mega-port

On Monday, China’s state-owned Cosco Shipping Ports Limited and Peruvian mining company Volcan have signed the agreement for the execution of the US $3 billion Multipurpose Port Terminal of Chancay, which aims to turn Peru into an important port logistics center.

During the signing of the corporate agreement, the president of Peru, Martín Vizcarra, said that it is the execution of a continental “hub”, located on the Pacific coast.

“It was required not only in Peru, but throughout the continent, an investment of another magnitude, an investment that becomes a port ‘hub’ for all the demand, not only of the country, but of all the countries of the continent,” said the head of state during the ceremony at the Government Palace.

This mega-port includes two specialized terminals, of which one will be a container terminal that will include 11 docks for this type of cargo; and another destined for bulk cargo, general cargo and rolling cargo, which will have four docks.

The first stage of this project, in which Cosco Shipping Ports concentrates 60% of the ownership and Volcan the other 40%, will be developed in an area of ​​141 hectares.

According to the president of the Volcan board of directors, José Picasso, the mega port of Chancay, located in the department of Lima, 50 kilometers north of the port of Callao, will be the “perfect gateway to the South Pacific region.”

“I am convinced that the port of Chancay will serve as a platform to encourage development, drive the exit of more value-added products from Peru to the Chinese market and deepen the bilateral relationship to increase the welfare of both countries,” he said.

In this way, Chancay, a natural port with a depth of up to 16 meters, will become the first project controlled by Cosco in South America and will be able to receive Triple E boats, considered as the largest ships in the world.

According to Volcan, this mega-port will “propitiate the development and growth of commerce and industry in the central-northern zone of the Andean country,” which has China as its main trading partner.

In this regard, the charge of business of the Chinese Embassy in Peru, Li Yun, said that this is a “great boost and motivation” for Chinese companies in the Andean nation.

“This project, collaborated by Cosco Shipping of China and Volcan del Peru, is an important achievement of both countries in infrastructure construction and an important symbol of Chinese-Peruvian friendship,” he said, recognizing the integral strategic partnership between both countries.

The execution of the Multipurpose Port Terminal of Chancay, which is scheduled to be completed in a period of 28 months, will generate 9,000 jobs, of which 1,500 are direct and 7,500 indirect.

At the ceremony of signing the agreement, the Peruvian Minister of Transportation, María Jara; the chairman of the board of Cosco Shipping Ports, Xu Lirong; and the vice president and general manager of Cosco, Zhang Wei.

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