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China Machinery Engineering Corporation Signs Contract For Port Of Varna Enlargement

China Machinery Engineering Corporation signs contract for port of Varna enlargement

China Machinery Engineering Corporation Signs Contract For Port Of Varna Enlargement

Varna, Bulgaria (PortSEurope) April 22, 2019 – China Machinery Engineering Corporation (CMEC) has signed a €120 million ($134.93 million) contract with Logistic Center Varna (LCV) to jointly develop new infrastructure in the port of Varna, the largest one in Bulgaria. This is the first port project by a Chinese company in Bulgaria.

CMEC, owned by state controlled China National Machinery Industry Corporation (Sinomach), will be responsible for project design optimisation, supply of materials, construction and installation as the prime contractor. The overall project construction period is expected to be three years.

The project is the first port construction project invested by a Chinese company in Bulgaria and an infrastructure & connectivity project in Central and Eastern Europe under the Belt & Road initiative. The new Silk Road (part of the Belt and Road initiative also known as One Belt, One Road, or OBOR) is a Chinese economic strategy to seek better access for Chinese-made products in European markets, which includes acquiring stakes in ports and other transport facilities, and cooperation agreements with countries along the Silk Road routes.

The completion of the port is expected to significantly enhance the level of modernisation and cargo handling capacity of Bulgarian ports. Meanwhile, the project will contribute to rising the influence and popularity of CMEC in the markets of Bulgaria, the Black Sea region and other central and eastern European countries.

The contract was signed at the recent 8th Summit of China and Central and Eastern European Countries by CMEC President Han Xiaojun.

Logistic Center – Varna is Bulgarian joint stock company, incorporated in 2007 in Sofia, Bulgaria. The Company is solely owned by T.B. Consult (TBC). TBC is a limited liability company, 100% owned by Todor Batkov.

The new port project is to have a total area of 266 645 m²; length of the quay: 895 m berth line (460 m – first stage and 435 m – second stage); capacity depth of the quay: 12 m; air draft: 41.75 m; silo system’s total capacity 105,000 m³ grain; store for containers – 4,200 TEU full and 750 TEU empty container slots; open store for general goods – 23 000 m²; covered container freight station – 4,500 m²; potential for the construction of additional 7000 m² covered flat stores.

Vessels capacity: container – 4,000 TEU, length 256 m, beam 32.2 m, rows on deck 13, maximum draft 11 m, deadweight 52,500 t; bulk – 50,000 t, length 225 m, beam 32 m, maximum draft 11 m, deadweight 50,000 t.

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