Article: World class upgrade for Port of Brisbane

[ozbob]

From Brisbanetimes click here!

World class upgrade for Port of Brisbane

World class upgrade for Port of Brisbane
July 26, 2008 - 4:24PM

One of the world's largest marine terminal operators has signed a new "eco-friendly" 40-year lease at the Port of Brisbane, promising to inject $250 million towards improvements.

Port of Brisbane Corporation CEO Jeff Coleman today announced Dubai-based operator DP World had signed the lease with a "Good Environmental Practice" clause.

"This is the first time that a lessee has contractually undertaken to pursue environmental enhancements that it may implement on its own initiative or that may be required by the Corporation," Mr Coleman said.

DP World currently leases container terminals four, five and six at the port.

"With the recent completion of Berth 10 - the port's seventh dedicated container terminal - the port's other terminal operator, Patrick, will vacate terminal seven enabling DP World to take it over," he said.

"This will give DP World a total lease area of 35.8 hectares to be operated as a container only terminal for an initial term of 20 years, with a 20 year option," Mr Coleman said.

DP World chief executive Mohammad Sharaf said the Fisherman Island Terminal in Brisbane was a key asset in the company's expanding global portfolio.

"DP World is looking at investing around $A250 million at Fisherman Island over time to expand and to re-engineer the terminal in response to market demand," Mr Sharaf said.

"Our aim is to enable DP World Brisbane to handle increasing trade volumes, and further improve efficiency for Australian exporters and importers."

AAP