THE transfer of ownership of Long Beach Container Terminal from Orient Overseas International Line (OOIL) to Macquarie Infrastructure Partners (MIP), a subsidiary of Australia-based Macquarie Group, has been given the green light by the Long Beach Board of Harbour Commissioners
THE transfer of ownership of Long Beach Container Terminal from Orient Overseas International Line (OOIL) to Macquarie Infrastructure Partners (MIP), a subsidiary of Australia-based Macquarie Group, has been given the green light by the Long Beach Board of Harbour Commissioners. The sale was required by the US government to enable Cosco Shipping Holdings to finalise its acquisition of OOIL, a deal first unveiled in 2018, reported Long Beach Business Journal.
Long Beach Container Terminal is currently undergoing a US$1.5 billion infrastructure development project that will raise the terminal's annual container handling capacity to three million TEU.
'This was a series of complex negotiations involving multiple parties, with oversight from a government-appointed board of trustees, and subject to terms of a national security agreement,' port of Long Beach's deputy executive director Noel Hacegaba was quoted as saying.
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