COSCO has appeased US security concerns over its acquisition of OOIL and its container arm OOCL by agreeing to concede ownership of the OOCL-operated Long Beach Container Terminal (LBCT) to a US trust pending its sale to a third party.
The Committee on Foreign Investment in the United States (CFIUS) has told COSCO and its minority stake partner, state-owned Shanghai International Port Group (SIPG) there were now “no unresolved national security …

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Source: The Loadstar