Банкеръ Weekly

Briefs

PORT VARNA WITH A PROFIT OF BGL4.215MN FOR LAST YEAR

Port Varna has reported profit of BGL4.215MN for the financial 2000. Out of them the Ministry of Transport and Telecommunications will receive BGL1.2MN as a divident. A couple of months before the first concession owners appear (the government has made a decision that this will happen this year), the state company still reports a 26% increase of labour effectiveness of the 2000 employees. Cargo turnover is 5.680 million tons.
Port Varna finances, however, will still face new trials. As from December 13, 2000, according to the regulations of the Law on the sea space, internal water ways and ports, the fees should go directly to the state budget. This means that port authorities will have approximately 40% less financial means. Price of ship processing should be increased in order to cover the losses of the reduced port fees. And the high prices will for sure lead to reduction of cargo volume and re-routing.
From December 14, 2000 onwards the port authorities are having at least two discussions a day with customers for the negotiation of their prices. A lot of discounts are offered to them.
There are about 30 companies wishing to obtain a 35-year concession of Port Varna piers. First of them will probably be given to the joint venture formed between Oil Tanking and the port itself. The partners have already invested about DEM10MN to build a terminal. The pier of the Varna thermal electrostation and port Balchik will be given to private operators.

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