QTerminals has signed a concession agreement for the Olvia Port, Ukraine, and will invest $140 million to develop maritime infrastructure over the next five years.
In a statement, Qatar’s Ministry of Transport and Communications said the agreement was for 35 years, during which time QTerminals will invest across the Port’s operations, including a new fully-equipped grain terminal.
Additionally, it will also invest approximately $3.5 million in the infrastructure of the city of Mykolaiv, where the Port is based.
Furthermore, it will work to improve existing warehouses, modernize the road and telecommunications networks and other utilities and buildings, and set up silos and loading equipment for all modes of transportation, such as railway and freight lines.
Commenting on the agreement, Qatar’s Minister of Transport and Communications Jassim Saif Ahmed Al-Sulaiti, stressed the strong relations between Qatar and Ukraine and the high level of bilateral cooperation between the countries.
“This concession is a major achievement for QTerminals that honors its strategy for expanding overseas investments as a Qatari company specialized in seaport management,” he said.
He also commented that awarding the concession is a significant investment opportunity in one of Ukraine’s most important Black Sea ports and that QTerminals will work to turn Olvia into a trade hub.
Additionally, he said that this step will bolster the maritime line between Ukrainian ports and Qatar and support the goals of the Qatar National Vision 2030.
Neville Bissett, CEO, QTerminals, said that this agreement is “the first brick in our strategy of international expansion”.
“We have the power, determination, desire and experience to strengthen cooperation between Qatar and Ukraine in the sphere of port production in the Black Sea basin, and we look forward to achieving this in a short period of time.”
“We are firmly convinced and confident that the strong management of QTerminals, together with capabilities and expertise of Ukrainian ports will lead to fruitful results and a reality that is built on all factors of success, which we all look forward to,” he added.