International operator pitches $570M Delaware port takeover

MarketsAssociated Press

An international port operator wants to take over the Port of Wilmington, a move that Delaware officials say could bring more than 5,000 new jobs to the state.

News outlets report that the agreement that's awaiting ratification by the existing port's board and the Delaware General Assembly would give Gulftainer a 50-year-old lease for the property, as well as the state-owned land in Edgemoor that was the site of Chemours' razed chemical plant.

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Gulftainer CEO Peter Richards says the United Arab Emirates-based company wants to invest $574 million to retool the port and build a new container terminal in Edgemoor. He said the company examined the East Coast for a place where they could "add value."

Secretary of State Jeffrey Bullock says Gulftainer was chosen from 10 proposals.