By Marco Aquino
LIMA (Reuters) – The Chinese language state-owned firm on the heart of a dispute over operations of a megaport it’s constructing on Peru’s Pacific coast insisted on Tuesday on phrases agreed with the federal government, as some native officers have sought to backtrack on the deal.
Hong Kong-based Cosco Transport Ports will defend its authorized rights to offer companies because the unique operator of the deepwater Chancay Port Terminal below “phrases that have been agreed at the start of this funding,” the agency mentioned in a press release.
Cosco added that the authorized controversy has harmed the mission and cautioned in opposition to imposing new guidelines on ports that some regulators have mentioned they could take into account.
Peru’s authorities didn’t instantly reply to a request for remark.
Cosco started growing Chancay port in 2019 as a hub within the South American Pacific and key progress driver for Peru. In 2021, Peru’s Nationwide Port Authority (APN) awarded Cosco the unique proper to run Chancay, however mentioned in March that it by no means had the authorized authority to grant it. It blamed an “administrative error” and requested {that a} choose void the phrases.
Cosco responded on the time that it was evaluating the influence of the choice. Since then, Peruvian lawmakers have pushed to permit for the unique provision of port companies by personal firms and Economic system Minister Jose Arista has mentioned the unique port deal must be revered.
Cosco, which offers marine transportation companies, is anticipated to speculate some $1.3 billion on the primary stage of the $3.5 billion mission, with greater than 70% of building accomplished.
Final month, Cosco despatched a letter to Peru’s financial system ministry requesting a six-month negotiation to amicably resolve the dispute with out resorting to worldwide arbitration, which Arista mentioned had been acquired.
On the time, he mentioned he anticipated to achieve a deal and keep away from arbitration.
In its assertion on Tuesday, Cosco famous that the ministry had but to answer its letter, proposing an “institutional channel” for talks. Nevertheless it additionally mentioned it has taken a primary step towards invoking an arbitration course of allowed for by a Chinese language-Peruvian commerce pact.
(Reporting by Marco Aquino; Writing by David Alire Garcia; Modifying by Richard Chang)
