The port arm of Danish oil and shipping group A.P. Moller-Maersk said it has proposed a strategic partnership with the Port of Virginia in the east coast U.S. state, Reuters reports.
APM Terminals said on Thursday it has offered to operate all Port of Virginia facilities in Hampton Roads and related inland locations, and in return to transfer ownership of its facility in Portsmouth, Virginia to the state.
Maersk said the total financial value to the state over the term of the partnership was estimated to be between $3 billion and $4 billion.
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