APM Terminals and Peru in dispute over port terminal project
According to local sources, APM Terminals and the Ministry of Economy and Finance of Peru have not come to an agreement regarding the concession contract involving the Callao Port Terminal - Multipurpose North terminal.
The controversy lays on disagreements between the Supervisory Agency for Investment in Transport Infrastructure for Public Use (OSITRAN) and APM, concerning the construction works of phases I and II of the project, which should be completed and delivered in January.
If APM does not reach an agreement before October 11, the Peruvian government will be allowed to cancel the concession contract. APM argues to have already invested more than US$460 million.
In March 2014 we reported that Netherlands-based terminal operator, Terminal Investment Limited SA (TIL), announced the completion of the purchase of a 29% share in APM Terminals Callao through the acquisition of the stake in Callao Port Holding B.V.
Following the acquisition, APM Terminals hold a 51% stake in the Callao terminal, Peru's Unimar Group controls a 20%interest, while the remaining 29% share is owned by TIL.
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