Official calls Chinese takeover of Paranaguá port ‘significant’

An official of the Brazilian city of Paranaguá has described as “significant” for the Brazilian economy the acquisition by China Merchants Port Holdings Co. Ltd of port operator TCP Participações SA, which runs the port of Paranaguá, the Chinese Embassy in Brasilia says.

The embassy issued a written statement quoting the official, whom it failed to identify, as saying at the ceremonial handover of the port that Brazil hoped Chinese companies could play a greater part in building ports, airports, railways and roads in Brazil.

Chinese Ambassador to Brazil Li Jinzhang said during the ceremony that the acquisition by China Merchants Port Holdings gave new momentum to the Sino-Brazilian commercial relationship.

China Merchants bought 90 percent of TCP last year for US$887 million.