A team led by US funding firm BlackRock has agreed to sell the majority of its interest in two important ports on the Panama Canal.
President Donald Trump has been complaining for weeks that the river is under Chinese power and that the US should assume control of the big delivery route.
CK Hutchison Holding runs ships along the Atlantic Ocean and Pacific Ocean doors to the river through a company.
It announced on Tuesday that it would sell its interests as part of a deal worth$ 22.8 billion ( 17.8 billion ).
Although CK Hutchison has a base in Hong Kong, it still operates in accordance with Chinese economic regulations. Since 1997, it has run the ships.
The package includes the two river connectors as well as a total of 43 ports in 23 nations around the world. The Filipino government will need to approve it.
The Panama Canal, which spans the center of the country for 51 miles (82 kilometers ) and connects the Atlantic and the Pacific oceans in particular.
Up to 14, 000 ships pass through it annually, including military arteries, pot ships carrying vehicles, natural gas, and other items.
It was constructed in the first half of the 20th century. Treaties eventually gave the land again to Panama after the US had regained control of the canal area until 1977.
After a period of mutual control, Panama became the owner in 1999.
Trump has made a number of justifications for regaining control of the canal and its surroundings. He argued that US boats are charged too much for using the lake, that Chinese influence poses a threat to national security, and that the US’s initial investment in the river justified the resumption of power.
US Secretary of State Marco Rubio demanded that Panama make “immediate adjustments” to what he called the “influence and power” of China over the river during a trip there in February.
Panama rejected the claims made by the US government, and President Jose Raul Mulino has stated that the river “is and may be” in the country’s arms.
Frank Sixt, the co-managing chairman of CK Hutchison, stated in a statement announcing the firm offer,” I would like to point out that the transaction is purely commercial in nature and wholly related to current social media reports regarding the Panama Slots.”
One of the largest property control firms in the world is BlackRock. Additionally, a Swedish firm called Terminal Investment Limited is a part of the consortium that owns the ports.