Peru seeks to avoid arbitration over Chinese-built mega port [Reuters]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Reuters
operator Cosco Shipping over a legal dispute regarding exclusivity rights to a massive facility being built by the firm, an official said on Monday. Cosco sent a letter to Peru's economy ministry in mid-April to start a six-month negotiation process in order to reach an amicable resolution without having to resort to international arbitration, local media first reported on Monday. Economy Minister Jose Arista said in an interview with local radio station RPP that he had received the letter but not yet replied. In March, Peru's port authority said an "administrative error" had given Cosco Shipping exclusivity over operations at the Chancay megaport and to annul the decision. Cosco is expected to spend $1.3 billion on the first stage of the site. Since then, the government has pushed measures to allow private port operators to exclusively provide services. Report this ad Arista said he was "sure" that Peru and Cosco would not have to go through arbitration proceedings. "We
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