Hong Kong-based port operator Cosco Shipping Ports has concluded the equity transaction of project company responsible for its greenfield subsidiary at the Port of Chancay, Peru.

Following the completion of equity transaction of the project company on 10 May, Port of Chancay became COSCO’s first greenfield subsidiary in South America.

The development follows an agreement signed in January between Cosco and Volcan. Cosco agreed to purchase a 60% stake in the facility that is around 58km north of Peru’s capital and economic centre Lima.

Peru President Martín Vizcarra said: “The signing of the closing certificate by companies from Peru and China is a milestone. The companies from China and Peru jointly invested and developed Chancay Project, which laid a solid foundation for Peruvian economic development, as well as trade cooperation between China and Peru.

“The construction of the Port of Chancay will contribute to the regional development and we expect to develop Port of Chancay into one of the most important hub ports in South America and logistics centre near the Pacific Coast, which will promote the regional trade and the trade between China and Latin America.”

Peru Minister of Transportation and Communications María Esperanza Jara Risco said that the project will become not only a multimodal transportation project upon completion, but will also be an important infrastructure project.

With 16m of water depth, the Chancay facility is a natural deep-water harbour that allows the port to accommodate ultra-large container vessels (ULCVs).

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Upon becoming operational, the port will include numerous multi-purpose terminals such as container handling facilities, along with a number of related infrastructures.