DP World to Develop Russian Ports

By Aiswarya Lakshmi
Saturday, January 23, 2016
Image: DP World

 Dubai-based port operator DP World and the Russian Direct Investment Fund have launched a joint venture to develop ports, transportation and logistics infrastructure in Russia.

 
Signed on the sidelines of the World Economic Forum in Davos, Switzerland, the deal will give DP World an 80 percent stake in the new company, while the Russian government-backed fund will hold the remainder, news agency WAM reported.
 
The company will be called DP World Russia and over time could invest $2 billion to upgrade port infrastructure in different parts of Russia.
 
“Russia has always been an attractive market with great prospects for long-term development. A joint venture would allow DP World and RDIF to utilize their expertise in working together for the economic good of the country,” said DP World chairman Sultan Ahmed Bin Sulayem.
 
DP World is one of the world's largest seaport operators. It is backed by Dubai's government and operates the Mideast's busiest port in the Gulf commercial hub.
 
The head of the Russian Direct Investment Fund Kirill Dmitriev hopes this establishes a beneficial partnership between Russia and the UAE. “DP World will be the ideal partner for the development of the port industry in Russia,” added Dmitriev. 
 
DP World has three ports in China - Qingdao, Tianjin and Yantai - according to its website.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates

Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize

AWO Authorizes ClassNK to Perform RCP Audits

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program,

Radio Holland Wins Contracts for Canadian Coast Guard Vessels

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement,

Ports

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates

Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize

COSCO Says Piraeus Port Sale Terms Inconsistent with Deal

COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those

Finance

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates

Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize

NAT Takes Delivery of Suezmax, Earnings Capacity Up

Nordic American Tankers Limited ("NAT" or "the Company") announced that it today took delivery of a Suezmax vessel, the Nordic Sirius, built at a shipyard in Japan.

Government Update

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

Paris MoU Reports Decrease in 'Bans'

Paris MoU reports that 2015 shows a large decrease in the refusal of access (“bans”) within the region: 11 bans compared to 20 in 2014. The detention percentage has remained stable at 3.

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

 
 
Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2600 sec (4 req/sec)