A Chinese state-owned shipping company building one of Latin America’s biggest deepwater ports has criticised a move by the Peruvian government to remove its exclusive right to operate the facility.

China Cosco’s Peruvian arm said a decision by authorities in Lima to seek to annul the exclusivity granted over the Chancay megaport affected the “security and legal stability of investment”. The exclusivity had been a “relevant factor” in the company’s decision to spend $1.3bn on the construction of its first phase, it said.

The company added that it “has been evaluating the impact which this measure is producing on the development of the project”, in a statement that raised questions over China Cosco’s commitment to future phases of the scheme, which is due to cost $3.6bn in total.