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Ferretti group ends interest in Taranto port facility

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Taranto, Italy (Ports Europe) March 4, 2024 – The luxury yachting group Ferretti has announced the termination of its interest in the former Belleli Yard in Taranto.

In a press release, the company said: “Despite the best efforts of the authorities, the delays accumulated in the long approval and implementation process have forced the Group to abandon the project. There has been an increase in the necessary investments over the years, while public funding of the programme has been reduced, which has made the outcome excessively uncertain and burdensome for the Company. Notice of the Group’s withdrawal was given in due time to minimise the exposure of the Port System Authority with respect to the public tender still in progress”.

This raises a few issues. Firstly, procedural processes have too many steps, take too long and are uncomplicated and unpredictable. Secondly, there were political guarantees for the project, but these did not materialise. Neither supports a healthy investment climate.

It is disappointing news for the city and port as the facility would have created around 200 much-needed new jobs.

State agency Sogesid, which drew up the plan to develop the old Belleli Yard, said that procedures were dictated by the new procurement code. Thus, no delays could be attributable to the agency.

The “ex Yard Belleli”, an historic industrial area in the port and long abandoned, will be entirely reclaimed. With an agreement worth 45.5 million euros, the Extraordinary Commissioner of the Port of Taranto Sergio Prete appointed Sogesid to complete the permanent safety activities of the aquifer in the area located within the Taranto Site of National Interest, right next to to the former Ilva lands and close to the port.

More Ports Europe news about the Ferretti group in Taranto

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