January 4, 2010 / 3:29 PM / 9 years ago

DP World to go ahead with London Gateway

LONDON (Reuters) - Port operator DP World (DPW.DI) will go ahead with the foundation stage of its postponed London Gateway project despite the market downturn, it said on Monday.

The unit of debt-laden state-owned holding company Dubai World DBWLD.UL said it had decided to proceed with the construction of essential infrastructure for the planned port and logistics park.

“DP World will continue to review the development of the port and park operations in line with market demand,” it said in a statement.

The company, which is not part of its parent’s restructuring plans, on Monday bought further development land and Royal Dutch Shell’s (RDSa.L) remaining interest in the project for 136 million pounds ($219 million), it added.

London Gateway is a planned 1.5 billion pounds deep-sea container port incorporating Europe’s largest logistics park, located on the north bank of the river Thames, about 25 miles from central London.

Reporting by Rosalba O'Brien; Editing by Julie Crust

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