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Two of the four parts of Port Vidin given on a concession to Bulgarian River Shipping Jsc. Photo by Port Vidin
Bulgaria’s major Danube shipping operator, Bulgarian River Shipping Jsc, has been given the concession of the Port of Vidin.
The decision was made by the Bulgarian Cabinet at its regular meeting Wednesday. The Ruse-based Bulgarian River Shipping Jsc becomes the concessionaire of Port Terminal Vidin-North and Port Terminal Ferry Boat Complex Vidin for 30 years.
According to the government decision, the offer submitted by the BRS Jsc company, including large-scale investments in construction and technical equipment, meets all necessary legal requirements.
Under the contract, the Bulgarian River Shipping Company is supposed to invest BGN 16 M in the first 4 years in order to develop and modernize further one of Bulgaria’s major Danube River ports.
“The concession of the Port of Vidin will provide a large amount of funds for its reconstruction and modernization, and at the same time will bring revenues for the state budget,” says the government statement.
The Bulgarian River Shipping Jsc was privatized in 2006. A majority share, 77%, of it is owned by the Bulgarian Shipping Company, a subsidiary of the Varna-based group Chimimport.
In March 2010, Bulgarian River Shipping also won the tender for operating the Vidin-Kalafat ferry boat connecting Bulgaria and Romania.
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