DP World starts work on Djibouti terminal, commits to London Gateway

DP World starts work on Djibouti terminal, commits to London Gateway    DP World, the Dubai state-owned global terminal operator, Saturday started construction on a new deepwater container terminal in the Red Sea port of Djibouti, capable of handling 1.5 million TEUs per year.
   The $400 million Doraleh Container Terminal (DCT) project is located 11 kilometers from the Port of Djibouti, which is also operated by DP World and has an annual capacity of 10 million tons of general cargo and 400,000 TEUs.
   DP World also manages the new Doraleh Oil Terminal under contract from the government of Djibouti. The company contributed $30 million to the $130 million refueling station that February began serving the U.S. and French navies, among other customers.
   The first phase of DCT will have six super-post-Panamax gantry cranes and a quay length of 1,050 meters (3,445 feet), and is expected to commence operations in late 2008.
   In a separate matter, DP World reconfirmed its commitment to the '1.5 billion ($2.86 billion) London Gateway project that it inherited with the purchase of P&O Ports.
   When fully developed, the 1,500-acre site at the former Shell Haven oil refinery in Thurrock, Essex, will have an annual capacity of 3.5 million TEUs. Its roll-on/roll-off freight facility will be able to handle two vessels simultaneously. DP World anticipates that the first container berths will be operational by 2010 with the first business units occupied by the end of 2007.
   “After visiting the London Gateway site, we have realized the vital significance of this project for the British economy as well as for DP World,” said DP World Chairman Sultan Ahmed Bin Sulayem. “We are fully committed to this project and believe it will enhance the value we offer our customers due to its proximity to the U.K.’s largest consumer market as well a unique combination of facilities provided by the port and park together.”