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China built a giant port in South America

Photo: Xinhua

The port will be the main hub for the supply of Chinese goods to the South American continent and the import of resources to China.

China built and opened its first deep-sea port in South America, Chancai, in Peru, which will become a major hub for the supply of Chinese goods to the continent and the import of resources to China. Reuters reported this on Friday, November 15.

The opening ceremony was personally attended by Chinese President Xi Jinping, who is on a diplomatic tour of South American countries.

“The opening of the port reduces the sea route from Peru to China from 40 to 23 days,” the agency pointed out.

The port is located 80 km from Lima. The port is 60% owned by Chinese state-owned company Cosco Shipping Ports and 40% owned by Peruvian company Volcan Compañía Minera.

In the initial phase, the port will handle around one million containers per year. Each year, the port generates about $4.5 billion in annual revenue for the state.

China plans to build a rail network from a port in Peru to Brazil.

So far, China has invested less than $1.3 billion in the construction of Chankaya and the investments will increase to $3.5 billion.

China has been actively investing in Peru since 2009, when the countries signed a free trade agreement. During this period, Chinese companies invested about $24 billion in mining and energy projects in this South American country.

A private refinery from China has bought a cargo of West African oil amid expectations of action by the Trump administration on sanctions against Iranian oil.

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Source: korrespondent

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