OTL to invest €17m in Port of Bar
The executive director of the OT Logistics (OTL) company, Zbigniew Nowik, says that they are ready to invest €17.1m in modernizing the Port of Bar in the next 3 years. This Polish company was the only one to submit a bid for buying 30% of shares of the Port of Bar, ie 17 million shares.
It offered €7.1 for this ownership percentage.
OTL also offered to carry out an investment program worth €17.1m in the three years following the purchase of shares, in order to improve the competitiveness of the Port of Bar.
The final results of the tender will be known in the first quarter or early second quarter of 2017.
“We consistently implement our growth strategy and its major part is planned expansion in the Balkans. We want to fully exploit the opportunities provided by our presence and operations within the north-south transport corridor, linking the Baltic and Adriatic seas. Purchase of shares in the largest port in Montenegro would create new opportunities for our company growth. We believe this transaction can contribute to building long-term value of our group,” said Nowik.
He added that the Port of Bar was at the strategically important position in the Adriatic area and had the potential to become one of the major terminals connecting Europe, Africa and the Middle East.
“Our goal is to significantly increase the transshipment volume in the port, which would result in an increase in the need for labor force to perform port operations,” said Nowik.
The Port of Bar is directly connected by road and by rail with Belgrade.
The geographical position of the port provides access to other Balkan countries such as Albania, Bosnia-Herzegovina, Kosovo and Macedonia, as well as Hungary. Therefore, the port offers wide possibilities of inter-modal transport in the Balkans. Also, the port is situated at 976 nautical miles from the Suez Canal, which allows convenient sea transport of goods, such as agricultural products, to Africa and the Middle East.
Source: CDM
