The parties have signed an Agreement which will allow the port development to proceed. The first step, the appointment of consultants to prepare the Port Master Plan, is already well underway.
REO's business in Ireland is managed by Treasury Holdings.
Bremore Ireland Port, located between Dublin and Drogheda, is one of the most exciting infrastructure projects to be undertaken in Ireland in decades.
Drogheda Port Company began the development in 2002 as a strategic response to the impending future deficit in port capacity not only at Drogheda Port but also on the East Coast of Ireland. Current estimates of its total development costs are in the order of €300 million.
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In recent years Ireland has experienced record levels of economic growth, which has resulted in increased freight volumes passing through the country’s East Coast ports. This rapid growth has caused congestion and highlighted the need for substantial additional capacity.
Mr Patrick Traynor, Chairman of Drogheda Port Company said: "The development of Bremore Ireland Port is hugely significant: it will free a potential bottleneck in the continuing growth of freight traffic to and from Ireland. The board of Drogheda Port is delighted with the outcome of the joint venture partner process and believes that this is a significant first step towards the development of an outstanding facility."
Mr Paul Fleming, CEO, added: "As a team we are very focused and fully committed to delivering a world class port of infrastructure at Bremore – in Castle Market we are matched by a partner bringing equal energy and considerable experience and resources to the Project."
The new deepwater port will have 24 hour marine access with facilities to accommodate new short sea shipping services to the UK, Europe, Scandinavia and the Baltic states, to include Lo-Lo, Ro-Ro and passenger traffics. Bremore will have the deepest berths on the east coast of Ireland.
(GK/JM)
