Olvia Stevedoring Company Transferred To Concessionaire QTerminals Olvia

The Ukrainian Ministry of Infrastructure announced on 1 December that the assets of the state-owned Olvia Stevedoring Company and the related assets of the state-owned Ukrainian Seaports Authority (USPA) have been transferred to QTerminals Olvia, which is part of the QTerminals group, for operation as a concession within the framework of a 35-year public-private partnership.

The Ukrainian Ministry of Infrastructure announced this in a statement, the CFTS portal reports.

"We are attracting guaranteed investments of UAH 3.4 billion to the port of Olvia today. Almost half of these funds will be spent on development of the port in the next 3.5 years. One of the most promising ports in the country will now receive new modern infrastructure. The agreement provides for preservation of the jobs of the enterprise’s employees for a period of six years. The requirement to hire as many Ukrainian citizens as possible to work in the port also remains. A separate clause of the agreement provides for solving the infrastructure problems of the city of Mykolaiv. The investor's funds are planned to be used to finance the construction of a new tunnel under the railway in the Shipbuilding district of Mykolaiv. The public-private partnership here is therefore not only about the development of a specific port, but also the development of the region as a whole," Ukraine’s Minister of Infrastructure Oleksandr Kubrakov said.

Under the terms of the concession agreement, QTerminals Olvia will invest about UAH 3.4 billion in the development of the port. In addition, at least UAH 80 million will be invested in the infrastructure of Mykolaiv.

According to the statement, QTerminals Olvia, the Ukrainian Ministry of Infrastructure, the Olvia state enterprise, the Spilno office for development of public-private partnerships, the Ukrainian Seaports Authority (USPA), and a group of consultants and advisers ensured the fulfillment of all the preconditions of the concession agreement.

QTerminals Olvia will begin managing and operating the port’s assets that were transferred to it under the concession agreement on 2 December 2021.

“As an international port and terminal operator with a highly qualified management team, QTerminals is committed to applying all its experience and knowledge in the port and terminal industry to ensure that QTerminals Olvia provides its customers with the highest standard of service,” QTerminals Group CEO Neville Bissett said.

As the CFTS reported, the Antimonopoly Committee of Ukraine approved the concession of the Olvia Stevedoring Company and the related assets of the Ukrainian Seaports Authority in the Olvia specialized seaport on 30 November.