DP World takes over outstanding elements of London Gateway

DP WORLD has purchased another 400 hectares and Shell's remaining interest in the London Gateway container terminal and logistics park for US$220 million, the company told the Dubai stock exchange in a statement.

"By starting major elements of construction, we ensure maximum flexibility to develop the project efficiently in line with market demand," said DP World chairman Sultan Ahmed Bin Sulayem.

Owned by financially troubled Dubai World, the DP World terminal operator said it would now commence work on developing the site. Once completed, the $2.4 billion container terminal will have a 3.5 million TEU capacity, and its logistics park will be the largest in Europe covering 860 hectares.

The announcement came with a visit by Prime Minister Gordon Brown and junior business minister Peter Mandelson who were welcomed by Sultan Bin Sulayem, reported the UK's International Freighting Weekly.

Said Mr Brown: "The London Gateway is a significant foreign investment into the UK. It will help bring the largest deepsea vessels here and improve the efficiency of the UK's freight distribution."

Said Mr Mandelson: "London Gateway sends a message to companies worldwide that the UK is the number one place in Europe to invest. Developing infrastructure will underpin steps the government is already taking to stimulate the economy."

(Source: www.schednet.com)