July 30, 2016 / 9:07 AM / in a year

Dubai's DP World signs lease agreement with Canada's Rodney Container Terminal

(Reuters) - DP World DPW.DI, one of the world’s biggest port operators, has signed a long-term lease agreement for the expansion and operation of Canada’s Rodney Container Terminal, the Dubai firm said on Saturday.

DP World will start running existing operations on Jan. 1 2017 and work in partnership with the port authority of Saint John, New Brunswick, on a planned expansion program expected to be completed in 2021, with the lease continuing for 30 years after. No value was given for the lease agreement.

The transaction is not subject to Canadian regulatory approval, DP World said.

DP World already operates the CENTERM terminal in Vancouver, the Fairview Terminal in Prince Rupert and the Duke Point Terminal in Nanaimo.

Reporting by Celine Aswad

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