DP World, Caisse de dépôt et placement du Québec (CDPQ) and Maspion Group have signed a USD1.2 billion agreement to develop an international container port and industrial logistics park in the Gresik region of East Java. The three organisations will set up a joint venture company, DP World Maspion East Java, to develop the port and logistics park. This JV will be the first of its kind in the Indonesian transportation sector involving a foreign direct investor (FDI) partner and a private sector Indonesian company.
Work on the project is expected to begin in the third quarter of 2021. Once complete, the port will be able to handle up to three million 20-foot equivalent units (TEUs). DP World Maspion East Java will be the sole operator of the port.
