Oil Terminal and Iulius Real Estate signed, on Thursday, a partnership contract at the headquarters of the Ministry of Energy (ME), which refers to an urban reconversion project in Constanta, an investment exceeding 815 million euro.
According to a press release from the Ministry of Energy, a 38-hectare plot of land owned by Oil Terminal, a joint-stock company of which ME owns 87.75%, inactive for over 10 years and which housed storage spaces for petroleum products, is returned to the city as a sustainable and accessible urban area for the entire community, contributing to the economic, touristic, social and cultural development of the city of Constanţa.
“This partnership between a company with majority state capital and a serious Romanian entrepreneur, with proven results, represents the greatest chance of development for Constanta and Dobrogea. The objective is to transform the community through a modern space, attractive for economic opportunities and tourism, regardless of the season. We encourage all the companies in the portfolio of the Ministry of Economy to conclude such partnerships, in a competitive and transparent way, and thus contribute to the well-being of Romanians by creating jobs and increasing the quality of life,” said Sebastian Burduja, Minister of Energy.
In addition to the investment estimated at over 815 million euro in the capitalization of the land as a project that integrates urban gardens, offices, shopping and entertainment areas, educational and cultural facilities, but also an integrated infrastructure to support mobility and connectivity, Iulius will pay the Oil Terminal company an annual surface tax of 2 million euro, indexable.
“This partnership represents the materialization of a very important objective from the development strategy for the years 2020 – 2025 of Oil Terminal SA, regarding the capitalization of an inactive land for over 10 years, as the previous activity became incompatible to take place in the city, close to residential areas . Thus, we support the implementation of investment projects related to the main activity. We needed a partner with the vision and ability to make this land fruitful not only as a business venture, but as one with an impact for the community. We are glad that, at our publicly launched invitation, Iulius Real Estate was among the companies that submitted bids and the only one that undertook the greening of the land, a main criterion in the selection process. Knowing the experience of Iulius, we are convinced that the city will win a project with a defining role for the development of Constanta, as a result of a historic investment for the south-eastern region of Romania and beyond,” said Viorel-Sorin Ciutureanu, Oil Terminal general manager.