Conti Group confirms exit from Anaklia port project

Conti Group International, a US-based construction and development company, has announced that it will proceed with the sale of its share in the consortium responsible for the construction of Georgia’s Anaklia Deep-Sea Port Project, agenda.ge has reported.

According to a statement published on October 25, Conti Group “will continue to pursue a sale of its position in the Anaklia Port Project and exit the consortium in a manner that is constructive and supportive of the project achieving completion.”

However, the company said that the currently-proposed transaction of its position was pending approval from the Georgian government and some Consortium members, which have not yet been received and “are unlikely to be received prior to the required deadline.” The transaction was originally due to be closed by the end of October.

“Conti looks forward to continuing to engage constructively with the consortium, the Government of Georgia, and the lenders on its exit from the consortium and hopes to see the remaining members of the consortium complete the project in the near future,” the statement reads.

The statement comes after Georgian media reports claiming that Conti Group would not leave the Anaklia Development Consortium. “Conti Group still retains 42 per cent of the shares,” said Levan Akhvlediani, the consortium’s general director.

On October 17, the Georgian government extended the deadline for the consortium to find a new investor for the construction.

The Anaklia project was launched as a joint US-Georgian venture to create a new, deepwater sea port on the Black Sea. The current members of the Consortium are Georgia’s TBC Bank Holding, SSA Marine from the US, British investment group Wondernet Express and G-Star Ltd from Bulgaria.

The first phase of the port is set to be fully operational by December 2020 with a handling capacity of up to 10,000 vessels. The construction is the largest infrastructure investment in Georgian history.