THE PENTA CONSORTIUM TO RECONSTRUCT PORT BOURGAS
The Penta Consortium will win the tender for the first stage of the Port Bourgas reconstruction and modernization, a high-ranking official of the Ministry of Transport and Telecommunications said to the Banker weekly. Official announcement of the winner should be made on January 15, 2001, which is the deadline for the financing party - the Japanese Bank for International Cooperation (JBIC) - a merger of the former Fund for Overseas Economic Cooperation and the Tokyo-based Ex-Im Bank - to approve the company selected by the Bulgarian party to carry out the activities.
The Penta Consortium was formed by two world famous Japanese companies especially for participation at the tender for the first stage of the Port Bourgas reconstruction. The leading company is Penta Ocean Construction Co. and its partner is Mitsubishi Corp.
Eleven other companies also participated in the tender which is expected to be won by Penta - nine consortia and two independent companies - the Japanese Taisei and the Korean Daewoo. The Port Bourgas reconstruction and modernization project provoked a big interest. More than 60 companies bought the information bulletin. Only twelve, however, placed their offers. The first stage of the General Plan includes the construction of a new terminal for processing bulk goods and its equipment, construction of channel to the terminal, as well as construction of a new pier.
The project for development of Port Bourgas is generally financed by JBIC having launched a credit of YEN14.312BN. This credit has been guaranteed by the Bulgarian state. The repayment term is 30 years, the first ten being a gratis period. The interest rate for this credit defined by the Japanese government is only 2.7%. The co-financing by the Bulgarian party will start after the exhaustion of the Japanese credit .