As Australian politics begins to debate the ownership of the Port of Darwin, transport and logistics giant Toll Group has emerged as an option to buy out the Chinese owner.
The Australian Financial Review has reported that Toll is part of a US private equity fund that has bid to buy the port as the Prime Minister has supported local ownership of the port.
Toll has reportedly partnered with Cerberus Capital Management to become one party looking to buy and run the port. Despite Chinese company Landbridge securing a 99-year lease to run the port, the site is all but up for grabs due to Prime Minister Anthony Albanese saying he will end the lease if re-elected in the May election.
Both sides of politics pledged to end the current lease with Landbridge during the election campaign, with Albanese doubling down this week as he turns to a more local direction of ownership.
“Weve said we want to see it in Australian hands. I notice this speculation which is there, but we’ll examine the process,” Albanese says.
“We’re determined to make sure it’s in the national interest for it to be in Australian hands.
“But if there are other proposals, we’ll work those through on a commercial basis.”
The AFR says Albanese has reportedly been interested in having Australian superannuation firms run the port.
In response, Chinese ambassador Xiao Qian visited Darwin last week and affirmed that Landbridge should be allowed to continue running the port.
“Such an enterprise and project deserves encouragement, not punishment,” Xiao said. “It is ethically questionable to lease the port when it was unprofitable and then seek to reclaim it once it becomes profitable.
“China and Australia are comprehensive strategic partners. The two sides should foster mutual trust, as mutually beneficial co-operation aligns with our shared interests.”
Landbridge, who has held the lease since 2015, says it isn’t looking to sell its ownership.
Read more ATN:
Toll Group to acquire major player in international freight forwarding
South Australian government steps in amid Whyalla port dispute
ANCAP targets light truck safety after record road toll