DUBAI, Sept. 17 (Xinhua) -- United Arab Emirates (UAE) commercial port operator Dubai Ports (DP) World said here on Sunday it will not renew its contract to operate the container port PT Petikemas Surabaya (TPS) in Indonesia after the agreement's expiration as of the end of 2019.
Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO, said in an emailed statement "it is unfortunate that the significant positive contributions made by global terminal operators in Indonesia have not been fully recognized, despite our successful track record."
He expressed disappointment about the operating contract renewal terms offered by the Indonesian authorities, saying that it "did not meet our threshold for continued investment."
DP World, the world's third largest container port, is a 49 percent shareholder in TPS, which represents a gross capacity of 2.1 million TEUs (twenty-foot containers) out of 85 million TEUs for the group.
Sulayem said that despite the pull-out move, "we remain committed to investing in Asia and all geographies that have an appetite for foreign direct investment."
