Cosco Shipping Ports
, the consortium in charge of building Chancay Port
, announced it will provide an addendum to the Executive Branch to increase its investment into the project by US$723 million in the first stage, thus bringing the total amount to over US$3 billion.
Cosco Shipping Ports Chancay Deputy General Manager Carlos Tejeda said that —if approved— the addendum will enable extended investment in phase one of the project.
"The amount stipulated in the contract
is US$447 million and, with the addendum, it will increase to US$1.17 billion," he expressed following his participation at the forum Private Investment Promotion Mechanisms held by ProInversion.
He said additional investment is needed because the original plan included the construction of a multi-purpose port terminal in the first stage, but now the consortium considers convenient to build three additional terminals.
"The previous addendum was intended to modify the execution deadlines because we were incorporating a strategic partner. This second addendum attempts to expand the investment amount. It will be submitted in July at the latest," he stated.
"We think we will get the port authority's approval and construction license for the new first stage almost immediately after we are granted the socio-environmental permission," he pointed out.
It must be noted construction of original first stage works not requiring such permit is underway.