DP World To Proceed With London Gateway, Invests GBP136 Million
January 04 2010 - 8:48AM
Dow Jones News
Marine terminal operator DP World Ltd. (DPW.DIF) Monday said it
has bought the remaining 1,000 acres of land for its London Gateway
and Logistics Park project after it decided to proceed with the
construction.
The company said it bought the land and Royal Dutch Shell PLC's
(RDSB) remaining interests in the project for GBP136 million.
DP World said it would proceed with the construction of the
essential infrastructure that lays the foundation of London
Gateway, a new deep-water container port, after its board reviewed
a number of options for the project in the light of the current
market downturn.
There have been doubts over the future of the project after DP
World's parent company, Dubai World Corp., requested a freeze on
some $26 billion of debt payments while it restructures the
group.
DP World said it will continue to review the development of the
port and park operations in line with market demand. DP World is
one of the largest marine terminal operators in the world with 49
terminals and 12 new developments across 31 countries.
-By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com