Dubai Ports World pledged to transfer operation of U.S. ports it has acquired from the British company P&O to a U.S. entity. Now the questions remain to define the “U.S. entity” and how will this be handled so that DP World does not suffer a financial loss.
Here is the text of the company’s announcement:
“Because of the strong relationship between the United Arab Emirates and the United States and to preserve this relationship, DP World has decided to transfer fully the U.S. operations of P and O Ports North America Inc. to a U.S. entity. This decision is based on an understanding that DP World will have time to effect the transfer in an orderly fashion and that DP World will not suffer economic loss. We look forward to working with the Department of the Treasury to implement this decision.”
Statement of H. Edward Bilkey, chief operating officer, DP World
As rumors of “Halliburton Eyed for Dubai Ports Deal” have gone around I do wonder. NewsMax and Chron reported this idea. Then there is CSX.
As with all things, time will tell.