Lisa Raitt, the Canadian Minister for Transport, has announced a government-backed programme to transfer 50 of the country’s ports to local interests.
DP World recently announced that it is to acquire Canada’s Prince Rupert Container Terminal for more than US$450m.
The Ports Asset Transfer Program (PATP) is a structured program that includes engagement, sale and divestiture phases.
Sales and divestitures are designed to open up new commercial possibilities that allow port facilities to reach their full potential and maximise their contribution to economic growth, jobs, and investments in local communities.
If a port facility does not sell, the program will offer the port facility for divestiture.
The aim of the programme is to provide broader criteria that will allow new port operators to expand or improve ports, as well as give Canadian Port Authorities the ability to acquire ports.
Lisa Raitt said: “Our government understands the importance of these port facilities to the transportation needs and economic sustainability of their local communities.
“The PATP offers an excellent opportunity for interested parties to acquire a port facility and to develop it to take advantage of local business, community development and tourism opportunities.”
Since 1996, through its previous Port Divestiture Program, the Canadian government has divested 499 ports, which has resulted in savings to Canadian taxpayers of over $470 million.