Town says tanks a lot!
It is expected work will start on site at the end of February.
Following a 14-week demolition programme, the 50 tanks should be removed and the site cleared by the end of June.
John Copping, Associated British Ports (ABP) director for South Wales, said: 'We know that this news will be very much welcomed.
'ABP has always said that it will remove the tanks and now, following consultations to resolve any outstanding issues and concerns with representatives of the local community, the Vale of Glamorgan Council, John Smith MP and Jane Hutt AM, we can now deliver on our promise.'
He added 'Our contractor has been carefully briefed, and the process of demolishing the tanks will be rigorously controlled.'
John Smith said: 'This is absolutely fantastic news. I know that everybody who lives in Barry will be delighted. It's no secret that I have been campaigning, along with many residents, for this to happen for years.'
Barry Waterfront resident Sue Ryan said: 'This is excellent news for everyone living here.'