The first concession project during the Great War was launched in the port of Chornomorsk

Ukraine is launching the largest investment project in the port sector in all the years of independence.

This is the first public-private partnership project in the port sector during the Great War, the press service of the Ministry for Development of Communities and Territories of Ukraine reports.

Deputy Prime Minister for Reconstruction of Ukraine – Minister for Development of Communities and Territories of Ukraine Oleksiy Kuleba signed an order to create a tender commission.

“This is the beginning of a transparent international procedure in which the world’s leading companies will compete. Ahead is the preparation of documentation with the participation of IFC, EBRD and consultants, announcement of a tender and determination of the investor,” said Oleksiy Kuleba.

As a reminder, the project includes the First and Container Terminals of the Chornomorsk port with six deep-water berths and all infrastructure. These are strategic assets that remain in the ownership of the state. The investor will undertake modernization and management on the basis of a long-term contract.

The project involves:

• hundreds of millions of dollars of investment in the modernization of berths and equipment;

• over $1.1 billion in revenues to state and local budgets over 40 years;

• over a thousand jobs with guarantees for people;

• restoration of container transportation to 250 thousand TEUs annually in three years, with the prospect of returning to the pre-war level of over half a million.

“For the Chornomorsk community, this project means stability and new opportunities. For the entire country, it means the development of container transportation and strengthening of Ukraine’s positions on the global logistics map. The launch of a public-private project in Chornomorsk will become a model for further initiatives in the port sector,” emphasized Oleksiy Kuleba.

The Ministry of Development noted that the project has attracted the interest of over 40 international port operators and investors, which will ensure high competition and the best conditions for the state.

Read also: What’s wrong with criticism of the Chornomorsk port concession. We analyze fakes and manipulations.