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DP World signs 'good environment' lease with Brisbane

DP World signs 'good environment' lease with Brisbane

Sydney: One of the world's largest marine terminal operators, DP World has confirmed a new 40-year lease at the Port of Brisbane, announcing it is looking at investing $A250 million (approx USD $219m). The lease includes a "Good Environmental Practice" clause, which enables the Corporation to impose a "Port Requirement" regarding environmental and sustainability enhancements, subject to a reasonableness and parity test.

"DP World Brisbane has experienced sustained growth, and we're delighted to have secured a 40-year lease well ahead of the expiry of the current lease in 2012 to facilitate our further growth into the future,' said Mohammad Sharaf (pictured), DP World  ceo. "We are pleased the new lease specifically recognises the importance of environmental and sustainability enhancements in terminal operations, and we congratulate the Port of Brisbane Corporation on this initiative. DP World takes its responsibility to the environment very seriously and we are working hard as an organisation to minimise our impact on the environment globally."

The new arrangement will mean DP World will occupy a total area of 35.8ha to be operated as a container-only terminal for an initial term of 20 years, with a 20-year option.

The DP World ceo added that the Fisherman Island Terminal in Brisbane was a key asset in the company's expanding global portfolio. "DP World is looking at investing around A$250 million at Fisherman Islands over time to expand and to re-engineer the terminal in response to market demand. Our aim is to enable DP World Brisbane to handle increasing trade volumes, and further improve efficiency for Australian exporters and importers,' Sharaf said.

"This is the time first 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", said Port of Brisbane Corporation ceo, Jeff Coleman, adding that the port was delighted by the length of DP World's commitment and the size of its proposed investment.  [12/08/08]