Qatar-based terminal operating company, QTerminals, a joint venture between Mwani Qatar and Milaha has inked a concession pact with Ukraine leading to an investment of $140 million to develop the Olvia port as part of expanding its operations in the Black Sea region.
Olvia Port, which has been witnessing a significant year-on-year increase in grain and oil exports, spans an area of 140 hectares and has seven berths and a rail network for transporting cargo inside the port, besides several warehouses and storage areas. Its quayside is 1,530 meters long.
QTerminals will invest about $140 million during the 35-year concession term to develop the port over the next five years, of which $3.5 million is allocated for the restoration of the local infrastructure of Mykolaiv, the city where the port is located.
Additionally, during the first five years of the concession, QTerminals will invest in establishing a new fully-equipped grain terminal, improve existing warehouses, modernize the road and telecommunications networks and all Olvia utilities and buildings, and set up silos and loading equipment for all modes of transportation, such as railway and freight lines.
“This concession is a major achievement for QTerminals that honors its strategy for expanding overseas investments as a Qatari company specialized in seaport management,” Qatar’s Minister of Transport and Communications HE Jassim Saif Ahmed al-Sulaiti said.
This is a “significant” investment opportunity in one of Ukraine’s important Black Sea ports and the development works that QTerminals will carry out at the port will contribute to supporting its operations and relevant navigational and logistics services, thus enhancing its operational revenues and helping the port to become an international hub for the grain trade.
“This step will bolster the economic cooperation with Ukrainian and international companies and contribute to supporting the operations of the maritime line between Ukrainian ports and Hamad Port, thus supporting the goals of the Qatar National Vision 2030,” Mr. al Sulaiti added.
For Ukraine, the pact is another significant step on widening and unlocking the potential of the Olvia port, as QTerminals will pay concessions and other fees to the country annually, in addition to creating new jobs needed by the local community in Mykolaiv.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
