DP World is reportedly close to building a container terminal at the Cuban port of Mariel.
A source close to the project has been quoted saying that "a deal is in the works, and they have signed various agreements."
DP World had in October begun a feasibility study for the construction of a $250 million container terminal in Mariel to start operations in 2012, said reports.
Successful completion of the project could turn Mariel which is only 50 kilometres west of Havana, into a world-class container facility.
P&O, bought over by DP World in 2006, had planned for many years to upgrade Mariel and turn it into a modern container port.
Industry players say that its strategic proximity to the US makes Mariel an attractive long-term investment, assuming the US trade embargo on Cuba is lifted.
In such a scenario, Cuba could be a springboard for US-bound cargoes, said one report.
The Cuban government had earlier this year drawn up plans to invest about $180 million over the next few years on port expansion projects.
Key Cuban ports will be upgraded as part of a program scheduled for completion by 2010, to modernize facilities and increase efficiency, said Transport Ministry officials.
Transport Ministry Deputy Ports Minister Gilberto Ponce told journalists the expansion projects would include channel dredging, the deepening of berthing depths and upgrading of port infrastructure.
Loading and unloading equipment purchased from China will be set-up and integrated into port side infrastructure, said Ponce.
According to Transport Ministry officials, not all of the country's 25 ports will see development.
Ports such as the capital Havana, Santiago de Cuba, Cienfuegos, Mariel, Nuevitas and Puerto Carupano will be given priority as a result of their economic-mercantile importance.
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