Romania initiated negotiations with the EBRD on the purchase of Danube Logistics shares in Giurgiulesti port
The Romanian government has approved a memorandum agreeing to initiate negotiations with the European Bank for Reconstruction and Development (EBRD) on the acquisition of shares in Danube Logistics, the owner of the Giurgiulesti port in Moldova. It is planned that these shares will be acquired by the company Administrația Porturilor Maritime (Constanta), which is under the jurisdiction of the Romanian Ministry of Transport Infrastructure and Communications. The Romanian government's memorandum notes that this decision is part of Romania's strategy to strengthen the position of the Port of Constanta in the Black Sea region and expand its capacity as a key transportation and logistics hub in Central and Southeastern Europe. “The Port of Constanta, as the largest EU port in the Black Sea basin, is committed to integrating with other ports and expanding its infrastructure as part of increasing its competitiveness and improving its logistics capabilities.” It is also emphasized that the Bulgarian company MBF Port Burgas, which is also considering investing in the development of Giurgiulesti port, has shown interest in acquiring shares in Danube Logistics. This emphasizes the growing strategic importance of this port, which is already a significant logistics hub on the Danube, providing access to transit routes and of interest to international investors. The Port of Giurgiulesti has terminals for oil products, grain, containers and general cargo, making it an important center for import and export of various goods, including fuel, agricultural products and construction materials. In recent years, the port has significantly increased its cargo handling volumes, especially after the outbreak of the conflict in Ukraine, becoming a key point for Ukrainian grain exports. The Port of Giurgiulesti plays an important role in the logistics of Moldova and the region as a whole. In 2023, the volume of cargo handled through the port reached a new record of 2.17 million tons, up 18.6% compared to the previous year. The increase in cargo turnover was driven by a 55% increase in grain and seed exports, which amounted to 889 thousand tons, and a 4% increase in oil product imports, to 599 thousand tons. Sunflower oil exports increased by 26%, reaching 248 thousand tons. In addition to the increase in cargo turnover, the port achieved a record number of handled containers - 8,460 units (8,646 TEU). This growth was made possible by significant investments in modernization and expansion of port infrastructure, including construction of new grain storage facilities and acquisition of equipment to increase terminal capacity. Danube Logistics, the operator of Giurgiulesti Port, is fully owned by the European Bank for Reconstruction and Development (EBRD) through Danube Logistics Holding BV. Danube Logistics started developing the port in 2005, turning it into one of the most successful ports on the Danube, facilitating international trade for Moldovan companies. The memorandum notes that Romania, seeing the potential of the Giurgiulesti port, seeks to use its strategic location to strengthen its position in international trade and logistics. In this regard, it was decided to create a negotiating team under the leadership of Bogdan Stelian Mindrescu, which will include representatives of the Ministry of Foreign Affairs, Ministry of Finance, Ministry of Transport and Infrastructure and other interested agencies of Romania. The document emphasizes that “the purchase of Danube Logistics shares will be an important step for Romania in the context of expanding its transport and logistics infrastructure and strengthening economic ties with Moldova”. The memorandum is published on the official website of the Romanian government: https://sgg.gov.ro/1/wp-content/uploads/2024/08/MEMORANDUM-3.pdf // 28.08.2024 - InfoMarket
