Chinese Company Secures USD 135.5 Million for Bulgarian Port Project
China Machinery Engineering Corporation (CMEC) has signed a US5.5m Bulgaria port project construction contract with Logistic Center Varna EAD to jointly develop port infrastructure in Bulgaria's Port of Varna, reports Port Strategy.
Notable as the first development by a Chinese company in Bulgaria, the project bolsters the country's European ambitions and will see CMEC take charge of the project design optimisation, material supply, construction and installation as the prime contractor, reported Seatrade Maritime News.
The project will enable the port of Varna to be the first modern port equipped with warehouse facilities in Bulgaria. The overall project construction period will be 36 months.
In addition to boosting its brand in Bulgaria, Central and Eastern Europe, the project is set to greatly improve cargo handling capacity of Bulgaria, according to CMEC.