BRIEFS. business

Farfán port project no closer to reality

la prensa

on hold: Despite pledges by Cosco to support it, the project to build a container terminal in Farfán seems unlikely.1146882

It is becoming increasingly less likely that the government’s plan of developing a major port at Farfán will become a reality.

The company most likely to develop the project is a consortium consisting of Ports America and the Chinese shipping company Cosco Pacific.

But Stephen Edwards, president of Ports America, recently downplayed the prospects of the project happening anytime soon.

“The increase in the costs of filling, drainage and construction of the terminal, together with the lending restrictions of the global financial markets, make the project is extremely difficult and the expected return on investment is unlikely,” Edwards said. “We are discussing this matter with our partner to determine the best way forward.”

For its part, Cosco Panama Maritime, the local branch of the Chinese shipping company, said it is still interested in the project.

“Cosco has never said that he will not continue talking about the megaport,” said Zhang Fucun, general manager of the firm. With an estimated cost of $500 million, the port would occupy 112 hectares and would be able to move 2.4 million containers a year.

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