Greenoak Pays USD 92 mln for Batumi Port

Greenoak Group won a tender on privatization of the Batumi Sea Port in the Adjara Autonomous Republic. Georgian Prime Minister Zurab Nogaideli said on May 12, the company will pay USD 92 million for the Batumi port.

The Georgian Economy Ministry announced a tender in April for the transfer of 100% of the shares of the Batumi port for management for 49 years. The initial bid price set by the Economy Ministry in April for the Batumi Sea Trading Port Ltd was USD 35 million.

Georgian Economy Minister Irakli Chogovadze, who publicly opened the envelopes with applicants’ proposals on May 12,  said that four other companies were also bidding for the Batumi port. Among these companies there were:  International Container Terminal Services, which is involved in management and operation of ports and terminals all over the world; a joint company of  Kazakh Bank TuranAlem and Silk Road Group; the New-York-based Eastwind Transport Limited and Energy Invest company.