Chimimport acquired 99% in Varna-based BM Port. Chimimport plans to invest more than EUR 100 million in the modernisation of the Lesprom terminal, which is part of the the strategic Varna port. BM Port will be operating the terminal in the next 35 years under a concession contract. Chimimport became one of the most attractive companies to investors after going public in November 2006. The company posted BGN 23,467,000 net profit for the first nine months of 2006. A total of 28,437 shares in Chimimport were traded on Friday. The stock price of the company rose by 1.22% to BGN 8.31 per share.
Source: Pari (15.01.2007)

The Japan Bank for International Co-operation (JBIC) will provide over EUR 175 mln for the construction of containerised cargo terminals at Bulgarian Black Sea ports Varna and Burgas, said the Bulgarian transport ministry. The final decision on the disbursement will be taken by a JBIC managing board in September 2007. The transport ministry said the drafting of an environmental impact assessment will be crucial for the launch financing procedure. The Varna component of the project will cost over EUR 90 mln. Some EUR 15 mln of the loan-financing will be spent on advisory services. The transport ministry said no EU financing will be solicited for the project which is an integral part of the strategy for the development of intermodal transportation in Bulgaria.
Source: Dnevnik (27.02.2007)

Bulgaria may seek a strategic investor for the reconstruction of Black Sea port Varna, deputy transport minister Ucel Atila said on Monday, March 5. One of the options for the solicitation of private investment is the creation of a project company that will operate the port under a concession arrangement after the modernisation is completed. The finance ministry is reportedly drafting legislative changes that will allow state-owned joint stock company Varna Port and state-owned company Port Infrastructure to team up with a private outfit for the port reconstruction project.
Source: Dnevnik (06.03.2007)

A new container terminal will be built in Bulgaria's largest Black Sea port of Varna. It will be located at the northern bank of the Varna Lake, Transport Minister Peter Mutafchiev said yesterday. By end-March Bulgaria will apply for a USD 100,000-million loan from the Reconstruction and Development Bank of Japan. The overall cost of the project for moving the port of Varna and building a zone of attraction for tourists in its place will be over EUR 500 million. Thus, Bulgaria's Black Sea capital will be converted into a city similar to Barcelona, a super modern recreation center, explained chief of the city council Borislav Gutsanov. Apart from a fund-raising program, Bulgaria has started to seek world's architects for the project, he added. Bulgaria has to start port's dislocation before the end of 2007, because the country is losing positions on the market, said port's director Danail Paparizov. Bulgaria's main rival, the Romanian port of Constanta, processes 1.1 million tons of goods a year, whereas Varna manages only 1.1 million tons. Eight years ago these ports used to have equal goods turnover.
Source: Standart (20.03.2007)

The container terminal at Varna port will be realized instead of Cherno More highway, the state cannot finance both projects, commented the minister of transport Peter Mutafchiev. A special discussion was held in Varna on the subject. Varna port will have to be moved to another location further in Varna lake, and the terminal to be built near Maxuda neibhrouhood. The master plan for development of Varna port is to be approved, it will be followed by an appraisal of the environmental impact assessment. Funding is expected from the Japanese Bank for Reconstruction and Development, the loan amount has not been commented. The terminal needs at least 800 m, the construction works are to start by the year end. The Romanian Constanta port handles about 12 times more containers compared to Varna, ten years ago they had the same results. This exact location could involve problems about the building of the second bridge over the canal. Maxuda neighbourhood is at 10 minutes from Varna downtown, its population is mainly from the Gipsy minority which will be resettled to the village of Kamenar. According to the valid legislation the plot is for an urban park and first its statute will have to be changed. The location of Varna East port will amount to about EUR 1m.
Source: Construction City (26.03.2007)

Coeclerici, the Italian logistics and shipping company, said it is seeking a strategic partner for the construction of a floating terminal that will facilitate off-shore handling of the cargo traffic via Bulgarian Black Sea port Varna. The USD 21 facility could be in place within 11 months if a suitable partner is found. The Italian company operates the Bulk Kremi 1 floating transfer station at the local Burgas port, a joint venture with steel mill Kremikovtzi.
Source: Dnevnik (28.03.2007)

Djevdet Chakarov, minister of environment and water, has ordered an environmental impact assessment of the region near the Varna and Beloslav lakes, where the Varna port will be relocated. The Varna municipal council tried to launch the project for the relocation of the Varna port without having conducted such assessment as the Pari daily wrote six months ago. The council used old EIA results, in order to start the project as soon as possible, according to Pari daily's sources. The architectural committee at the Varna municipal council decided in the end of 2006 to relocate the Varna port at the Maksuda area. The move is aimed at the expansion of the port and the construction of two container terminals. Chakarov's order will delay the implementation of the project but will show whether the new place is suitable for the relocation of the port.
Source: Pari (07.06.2007)

H1 cargo traffic via the Black Sea port of Varna fell 0.5 mln tons short of the year-ago mark due to the total lack of any grain shipments, said the harbor's executive director Danail Papzov. The port official said the volume of all other cargo categories was either flat or slightly higher y/y. The parity between domestic and international grain prices are currently dissuading Bulgarian exporters.
Source: Dnevnik (04.07.2007)

Bulgaria's transport ministry is still considering where to build a container terminal: in Varna or in Bourgas. Initially the facility was planned to be built in the region of the port of Varna, after the latter is relocated. According to Pari daily's sources, however, the authorities are now more inclined to make the terminal in Bourgas and then in Varna. Bulgaria is in negotiations with the Japanese government over a EUR 180 million loan for two container terminals. Consultants of the Japanese Bank for International Development, which finances the extension of the Bourgas port, have started looking for the best location for such a facility. Experts say that Bourgas is more suitable for that. According to insiders, the fight between sea businesses in the two cities to convince the Japanese in their advantages has already started.
Source: Pari (06.07.2007)

The project for the relocation of the containerised cargo terminal of Bulgarian Black Sea port Varna will begin towards the end of 2007, said Borislav Gutsanov, chairman of the municipal council. The current terminal site will be remodelled into an amusement zone with a yacht marina to the tune of some EUR 500 mln. The assessment of the environmental impact of the terminal project should be completed within 45 days as a necessary step towards the launch of the undertaking. The cost of the new facility is seen at EUR 100 mln. It should be handed over 36 months after the start of construction. Although the investment will not be recouped for a decade, the attendant benefits for the Varna economy will be significant, said Varna harbor executive director Danail Papazov. The negotiations to secure financing for the project will get underway in September.
Source: Dnevnik (19.07.2007)

Bulgarian shipping company Navigation Maritime Bulgare (NMB) ordered to Bulyard Shipbuilding Company three new vessels. The contract will be signed today in Varna in the presence of PM Sergey Stanishev. Bulgaria's Economy Minister Petar Dimitrov and Transport Minister, Petar Mutafchiev will also attend the ceremony. Varna's Naval Administration will acquire high-speed vessels in the coming months. The new cutter Parker 9000 Baltic was already launched at Varna port. She can reach a speed of 36 knots or 70 km/h. NMB will receive other five vessels of the same kind; two will be bigger. The price of the vessels for rescue operations in emergency situations in the open sea is 1,8 million Euro," said Nikolay Apostolov, head of Naval Administration.
Source: Standart (16.08.2007)