June 10 (UPI) -- China is consolidating its control over critical logistical hubs in Brazil through its state-owned enterprises.
Its latest move in Latin America was the acquisition of a 70% stake in Vast Infraestructura, which operates the Port of Açu's only private transshipment terminal for very large crude carriers in Rio de Janeiro.
The $714 million deal puts China Merchants Port Holdings, or CMPort, in charge of a vital asset for Brazil's energy exports, as nearly 30% of the country's crude oil passes through Açu.
This marks another major move by CMPort, one of the world's largest port operators and a Chinese government-backed company. In 2018, CMPort acquired 90% of TCP Participações, which operates South America's largest container terminal at the Port of Paranaguá.
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