February 4 (SeeNews) - DP World Constanta, a unit of Dubai-based DP World, said it has renewed its concession agreement with the Maritime Port Authority Constanta in Romania for a further thirty years until 2049.
The new agreement allows the company to maintain, operate and further develop the Constanta South Terminal, DP World Constanta said in a press release on Friday.
The terminal serves both the Romanian domestic market and a wider hinterland spreading into parts of Central Europe, together with first-class feeder connections to the Ukraine, Russia, Bulgaria, Georgia and Moldova. The current capacity of the terminal is 1,000,000 TEU, and there is sufficient land area for phased expansion to cater for volumes greater than 4,500,000 TEU.
The Port of Constanta is located in Constanta county, on the western coast of the Black Sea.
"This agreement is a win for both parties. It reflects DP World's commitment to actively manage our portfolio to ensure that we continue delivering a net positive benefit for the economy and the communities in which we live and operate," DP World Constanta managing director Cosmin Carstea said.
DP World Constanta signed the original concession agreement with the Port of Constanta in 2003 and commenced operations in April 2004.
DP World has a global portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents.