Navibulgar assumes the management of the port of Burgas and the Japanese loan

Navigation Maritime Bulgare JSC (Navibulgar), was appointed concessionaire of Port Burgas-Terminal East 2, for a period of 35 years, by Decision of the Cabinet yesterday. Navibulgar was the only candidate in the concession tender. The concessionaire is obliged to redeem some 80% of the installments due under the loan of Bulgaria to the Japan Bank for International Cooperation, following an agreement, signed in 1998. Prime Minister Boyko Borissov recently stated that there were no state funds, available for this purpose. The loan amounts to BGN 268 mln.

Investments amounting to € 100 mln are being planned, out of which some € 45.5 mln in the first seven years of the concession period. Besides these, the concessionaire is obliged to implement additional investments of nearly € 14 mln in the port terminal, during the concession term. Navibulgar's social program foresees that the current number of 288 employees would be maintained.

In August 2008, the KG Maritime Shipping company won the tender for the privatization of the state-owned Navigation Maritime Bulgare. The Bulgarian Advance Properties, owned by brothers Kiril and Georgi Domuschievi , who are also active on the real estate market, holds a 30% stake in KG Maritime Shipping. The remaining stake is owned by KG Maritime Partners, with the following capital structure: 99% owned by the German Martrade Shipping and Transport, registered in Düsseldorf, and one percent - by the Indian Accord Ship Management Ltd.

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