China’s largest shipping company, state-owned giant Cosco , is negotiating its entry into the BlackRock- led consortium that will buy Hong Kong’s CK Hutchison ‘s two ports in Panama, but is demanding veto power to secure Beijing’s approval, Bloomberg reported Tuesday, July 22 .

The outlet, citing anonymous sources, explains that Cosco argues that veto powers within the consortium are “necessary” to block any decision that might be contrary to China’s interests.

For now, the original group of buyers for the 43-port package —including Balboa and Cristóbal in Panama— appears to have agreed to give Cosco full access to all information about the transaction, but no final agreement has been reached on the powers the state-owned giant will have.

The report notes that the 145-day deadline for exclusive negotiations between CK Hutchison—owned by Hong Kong tycoon Li Ka-shing —and the consortium ends on July 27, and indicates that details of Cosco’s participation in the transaction could be finalized by the end of September.

This agreement is at the center of the storm in the turbulent ties between China and the United States, as US President Donald Trump hailed it as a “recovery” of US control over the Panama Canal following his complaints about Chinese influence in this key infrastructure.

For its part, Beijing announced it would investigate the agreement, which the official press compared to “handing a knife to a rival.”

The deal, valued at approximately $23 billion, provides for the transfer of 90% of the stake in the ports of Balboa and Cristobal, currently operated by CK Hutchison.