Dubai Ports Deal Hits Snag with NY-NJ Authority Over Newark Port

Dubai Ports World, the company whose planned takeover of major port operations in New York and other U.S. cities ignited a political firestorm last year, may be headed for a new storm in its plan to sell off those operations to a U.S.-based company.The Port Authority of New York and New Jersey is seeking tens of millions of dollars from the prospective new owner, AIG Global Investment Group, for improvements the port agency has made to the Port Newark Container Terminal in Newark, N.J., which AIG would operate.Port Authority spokesman Stephen Sigmund said Wednesday he could not put a precise figure on how much the agency should receive in cash payments or future work at the facility, but he said the agency has spent $30 million in infrastructure developments since 2000.The agency is seeking to strike a deal with AIG for the costs incurred expanding a 15-acre parcel of the Newark operations and wants a commitment by AIG to further work. Continue to the full sttory from Source.