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Infrastructure Ministry on Conti Group’s Decision to Quit Anaklia Consortium

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The Ministry of Regional Development and Infrastructure of Georgia called on the Anaklia Development Consortium to submit to the government a plan on attracting “western strategic investor” to the project, which will replace U.S.-based Conti International, one of the main partners of Anaklia deep sea port project, which decided to quit the Anaklia Development Consortium, at the same value.

In a statement released on August 17, the Ministry noted that Conti Group was the only member of the Anaklia Development Consortium, which met tender conditions on construction of deep sea port in Anaklia.

It also said that it is impossible to build the Anaklia port “without an experienced and financially strong strategic investor;” claiming that after Conti Group’s quitting, “the Georgian member of the Consortium will successfully build the Anaklia port does not correspond to reality,” it noted.

The Infrastructure Ministry noted that Conti Group “only formally participated” in the project and that “no real strategic investor existed” from the very beginning.

It also said that “despite the government’s unprecedented support,” the Consortium has not fulfilled its financial liabilities so far.

The Ministry expressed hope that by the end of 2019, the Consortium will submit agreements on attracting USD 520 million for the first phase of the construction.

Reports on Conti Group’s decision to quit the Anaklia Development Consortium emerged on August 15. Levan Akhvlediani, director general of the Consortium, said that “this is not a pleasant fact, but nothing has happened that may critically harm the project.”

This post is also available in: ქართული (Georgian) Русский (Russian)

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