Cosco sees 2020 construction start for US$3bn Chancay port

China Cosco Shipping aims to start construction on the US$1.3bn first stage of its Chancay port in Peru by April 2020, a senior executive said.

Cosco and Peruvian partner Volcan, will file a revised environmental impact study by October and expect government approval for February 2020, Cosco Shipping Ports CEO Carlos Tejada told reporters on the sidelines of an investor event in Lima.

Shanghai-based Cosco, which acquired a 60% stake in the port in May, aims to build a US$3bn port facility near Lima. The EIA is being modified to incorporate a track center and access tunnel, and an increase to four terminals compared to one in the original project.

The companies are advancing all relevant permitting simultaneously and don’t expect delays, according to Tejada. Cosco and Volcan are close to securing project financing, Tejada said, but declined to provide details.

“There isn’t going to be any problem with the financing,” Tejada said. “Our vision is to convert this port into a Pacific coast hub, bring cargo directly from Asia and then distribute it around the region.”

The multi-purpose port terminal, on 141ha of land 50km north of Lima on the Pacific coast, will involve 11 docks in a container terminal and four docks for a general and rolling cargo terminal.

A 17ha logistics center will facilitate access and parking for trucks to avoid the congestion occurring at Callao, Peru’s largest port, according to Tejada. A study shows trucks will get to the port from the North Pan-American Highway within 3-5 minutes, he said.

The 28-month project will create around 9,500 jobs and follows work on ports at Pisco and Salaverry and expansions at Matarani, Paita and Callao’s Muelle Sur and Muelle Norte piers. Peru seeks to upgrade its facilities to manage rising exports.