Chinese state-owned construction giant CCCC is preparing a bid to dredge Argenti...
BUENOS AIRES - Chinese state-owned construction giant CCCC is preparing a bid to dredge Argentina’s Parana River, the country’s main cargo superhighway that takes soy and corn from the Pampas farm belt to the shipping lanes of the south Atlantic and the world.
CCCC is at the forefront of China’s push to lock in food supplies by investing in commodities transport hubs globally. From 2005 through the first half of this year China invested about $579 billion internationally in the energy, power, transport and agricultural sectors, according to Washington-based American Enterprise Institute’s Chinese Global Investment Tracker, of which $71 billion went to South America.
Argentina is already the world’s top exporter of soymeal livestock feed and a major global supplier of corn and wheat, and this week’s crash of the Argentine peso, driven by political uncertainty ahead of the October presidential election, has made the country’s farm exports more competitive. The current holder of the dredging concession is private, Luxembourg-based dredger Jan De Nul. The firm will compete with CCCC and other dredgers for the 2021 concession, according to industry sources with direct knowledge of the situation.
“China is already our principal buyer of soybeans. For them to also have control over navigation would give them a very strong stance in negotiating prices,” said the ports source, who asked not to be named due to the sensitivity of the matter.
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