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Economy

Majority Stake Sale of Alexandroupolis Port Brings Two Binding Bids

September 23, 2022

ATHENS – The sell-off of a majority stake in Greece’s northeastern port of Alexandroupoli where the US Navy wants to establish a second base in the country and is growing in importance drew two bids, including American companies.

The privatizations agency HRADF said the Houston-based Quintana Infrastructure and Development and a joint venture including the Kentucky company Black Summit Financial Group sought the 67 percent share, according to Reuters.

Quintana is working with Liberty Port Holdings Single Member, and International Port Investments Alexandroupolis is a joint venture with Black Summit, Belgium’s Euroports, Singapore’s EFA Group and Greece’s GEK Terna.

That came, the news agency said, on the day the bids expired Sept. 22, the finalists among four investors shortlisted in 2021 for the sale of the port that’s near borders with Bulgaria and Turkey.

Alexandroupoli has become key to Greece during an energy crisis brought by Russia’s invasion of Ukraine as it has a floating gas storage and regasification unit plan and could be an energy hub for central Europe, the report added.

But the privatizations agency didn’t open the bids so the terms weren’t known, not to be revealed until some other specified time, no reason given for the delay for the crucial sale.

The New Democracy government has been seeking foreign investors in a bid to accelerate a slow recovery from the waning COVID-19 pandemic, the drawing back of the health crisis showing more interest from bidders.

A consortium of Attica Holdings with Aktor Concessions, another from Grimaldi Euromed with Minoan Lines and Investment Construction Commercial and Industrial, and the Thessaloniki Port Authority bid for a 67 percent stake in the northwestern port of Igoumenitsa but were asked to raise the offers.

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