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Belt and Road

Cosco's Peru port buy latest in China's Belt and Road push

Deal adds South America to shipper's global network

Cosco Shipping Ports, which has terminal operations around the world, is making its first foray into South America.    © Reuters
DAISUKE HARASHIMA, Nikkei staff writer | Latin America

DALIAN -- A Peruvian port will join Cosco Shipping Holdings' global network as the Chinese shipper continues investments under Beijing's Belt and Road initiative.

Cosco Shipping Ports signed last month an agreement with Peruvian mining company Volcan to buy a 60% stake in the operator of Chancay terminal, a major hub on the coast north of the capital, Lima.

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