Ukraine’s Port of Chornomorsk is set to undergo an upgrade worth over UAH 3 billion (USD 118.8 million), receiving a new grain terminal and additional berths.
The investment is part of a public private partnership between state-owned Ukrainian Sea Ports Authority (USPA) and Ukrainian agricultural company Kernel.
As disclosed by the port authority, dredging works on the project and the terminal construction are expected to be completed by the end of 2020.
The two sides expect the investments to increase the annual volume of transshipment of agricultural cargo to at least 6 million tons starting in 2021, and eventually bring it up to 7 million tons.
“This year we completed a large-scale dredging project on the port’s approach canal and we immediately proceed to the creation of the depths necessary for operations at the berths No. 14-17,” Raivis Veckagans, Head of USPA, said.
“The Kernel company, for its part, has committed to guarantee the volume of cargo traffic of at least 6 million tons per year. This will contribute to a quick payback on capital investment of the authority.”
Veckagans added that the project would create about 250 new jobs in the Port of Chornomorsk.