>>6230779

>>6230725

40 year Port of Long Beach lease contract for whoever wins the bid..

Last year, Cosco, the Chinese state-owned shipping giant, acquired OOIL. But in exchange for regulatory approval to take over its rival, Cosco in November agreed to sell the terminal. In such mandated transactions, the Committee on Foreign Investment in the United States must also approve the buyer.

Whichever company wins the bid to take over the terminal, Peterson said, would essentially buy the rights to the 40-year lease with the Port of Long Beach. The current rate, Peterson said, is $270,000 per acre per year – or more than $52 million annually.

A Yilport representative declined to comment. A representative for Cosco previously referred questions on the Long Beach terminal to OOIL, which wasn’t available for comment outside of regular business hours in Asia.

Peterson, meanwhile, said the port does not get updates on the negotiations.

“We’re not kept abreast of the exact details,” he said. “We’ll hear when the outcome is going to be decided.”

The facility also attracted bids from infrastructure investors, including Australia’s Macquarie Group Ltd., people familiar with the matter said in December.

https:// www.presstelegram.com/2019/03/21/this-turkish-cargo-operator-is-in-advanced-talks-to-move-into-massive-terminal-at-port-of-long-beach/