- Associated Press - Thursday, June 28, 2018

WILMINGTON, Del. (AP) - Delaware Gov. John Carney says the federal government has approved a proposal allowing a private Emirati company to privatize the Port of Wilmington.

The News Journal reports the federal sign-off from the Committee on Foreign Investment in the United States means the final terms of the agreement now must be ratified by the port’s quasi-public operating board.

The deal would allow the Gulftainer Group to lease the port from the state and construct a new container shipping facility on the Delaware River.

Gulftainer Group is the largest independent, privately-owned port operator in the world.

A Gulftainer subsidiary would make annual royalty payments to the state and agree to invest more than $580 million in the port over the next nine years, including approximately $410 million for the new container facility.



___

Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide