DP World approved for London Gateway project
Dubai-based port operator DP World has received the final seal of approval to build a US$3 billion shipping port and logistics park on the banks of the River Thames in southeast England.
The London Gateway project, which DP World inherited following its acquisition of P&O in 2006, involves the development of an 1800 acre form oil refinery in Essex into a deep sea port and the biggest logistics park in the United Kingdom.
Construction work is scheduled to commence later this year, following a ‘harbour empowerment order' from the Department of Transport (DfT).
"This is an historic day for the shipping industry and the economy as a whole. We will be the UK's first major port for more than 25 years," said Simon Moore, chief executive, London Gateway.
"London Gateway will be a port-centric logistics platform of a size and scale unique in the UK. Our customers will be able to cut costs from their supply chains, increase efficiency and reduce their environmental footprints," he added.
Final approval of the project follows a long battle for P&O to develop the site, including a public inquiry and a number of amendments to the original plans, in addition to measures to cope with extra road traffic.
DP World's plans include a 2300 metre long container quay with a fully developed capacity of 3.5 million standard container units a year. In addition, the logistics park will offer 9.5 million square feet for the distribution, manufacturing and high-tech sectors.
"DP World is planning to invest approximately $3 billion to develop London Gateway over a 10 to 15 year timeframe. This represents our long-term commitment to bringing benefits and value to our customers and to the UK economy," said Sultan Ahmed Bin Sulayem, chairman of DP World.
"We are very pleased with the government's approval of the harbour empowerment order, which is a significant milestone for the project," he added.