APM Terminals was granted an extension to file the required stability report for its North Terminal concession at Peru’s Port of Callao, Port Strategy has learned.
Despite the call for extra time, the report has now been filed and investment assured.
The news comes as APMT recently announced that it has doubled its productivity in South America with a surge in 63% in seven months – owing in part a $27m investment made so far at Callao.
However, this is a long way off the total of $749 earmarked to modernise and expand the existing Callao facility, which has resulted in instability concerns.
In September 2011, APMT signed a stability agreement with the Peruvian government to assure the investment at the north terminal.
Astrid Zoeger Rojas of APM Terminals Callao, said to PS: “As part of this we needed to present a certification on good use of asset resources in the company 60 days after signing the agreement. We requested an extension on the period of time to submit the certificate and got 90 days extra - so 150 days in total.”
“Peru's transport and communications ministry (MTC) received the full report on time within the new agreed time frame so we have now fulfilled the stability agreement,” Ms Rojas added.
APMT say that nothing else will change under the original concession contract from May 2011 – the agreed amount of investment and the contest rules will stay the same.
The operator assumed control of the north terminal in July 2011 and it has so far proved to be a bit of a rocky road – hopefully the stability agreement will now allow further investment to be made.
