Dubai-based port operator DP World and Indonesia’s conglomerate Maspion Group have signed two preliminary agreements with an aim to create a $1.2 billion container terminal and an industrial logistics park in the Indonesian province of East Java. Under the two term sheet agreements, a modern, integrated container terminal and a 360-hectare industrial and logistics park are planned to be constructed. They are expected to play a vital role as a trade gateway for Eastern Java. The parties intend to construct Maspion International Container Port in Gresik that will have a capacity of 3 million TEUs and use electric power in its operations to help cut carbon emissions. The project’s commercial operations are being planned for the first half of 2022.