A high-tech complex for transshipment and processing of organic grain will be built at the Reni seaport. Bio-Line-Reni LLC is implementing the investment project within the framework of the law of Ukraine "On the Reni Special Economic Zone," the Ukrainian Sea Ports Authority announced.

The investment project has already secured all the necessary approvals and examinations in accordance with the law. The implementation of the project is envisaged by the new version of the "Plan for Short-, Medium, Long-Term Development of the Reni Seaport," which the Ukrainian Sea Ports Authority approved last year.

The project will be implemented in two stages over a period of two years, and investments in it will total UAH 40 million.

A warehouse for 6,000 tons of grain will be built during the first phase of the project, which will be implemented in 2018. The total amount of investments will be UAH 11.5 million. The second phase, which is planned for 2019, provides for construction of an oil plant for processing sunflower and soybean. The amount of investments will be UAH 28.5 million.

The complex will operate in accordance with the standards and rules of the Research Institute of Organic Agriculture (FIBL).

"Projects such as construction of a complex for processing organic products will not only allow increase of cargo turnover, but also development of production of value-added goods in the port. For its part, the Ukrainian Seaports Authority has prepared a draft amendment to the law on the Reni Special Economic Zone jointly with the Ministry of Infrastructure and sent it to the Odesa regional administration. The draft amendment provides for extension of the period of operation of the Reni Special Economic Zone and designation of the Ukrainian Sea Ports Authority as the economic development agency for the Reni Special Economic Zone," the Ukrainian Sea Ports Authority’s acting head Raivis Veckagans said.

The project will generate new flows of oilseed and grain cargoes totaling 120,000 tons to the Reni seaport per year. The company's products will be exported to Europe. According to preliminary estimates, the number of vessels calling at the port will be 80-90.

Implementation of the project will create 30 jobs and generate UAH 762,000 in additional tax revenues. Annual budget revenue from operation of the complex will increase by UAH 3-3.5 million two years after it begins operation, the Ukrainian Sea Ports Authority said.