Global law firm Clyde & Co has successfully represented Qatari port operator QTerminals in the largest port concession tender in Ukraine.
The pilot port operating concession was prepared by the Ministry of Infrastructure of Ukraine with the assistance of the European Bank for Reconstruction and Development and the International Finance Corporation. QTerminals was selected as the winner of the tender for the concession of the Black Sea Port of Olvia on 24 January 2020. In addition to regular concession payments, QTerminals anticipates that it will invest up to US$120 million in the modernisation and development of the Port of Olvia. QTerminals will also contribute US$3.4 million to the development of the local infrastructure of the surrounding area.
Clyde & Co acted as international deal counsel and collaborated with Ukrainian counsel Kinstellar to represent QTerminals at all stages of the tender, including advising and assisting on the prequalification stage, preparation and filing of the bid documents, legal due diligence for the project, establishment of a project company in Ukraine, preparation of and filing an application with the Antimonopoly Committee of Ukraine, as well as advising on various corporate law matters.
The closing of the deal remains subject to the approval of the Antimonopoly Committee of Ukraine as well as the successful execution of the concession agreement.
Lee Keane, Corporate Partner at Clyde & Co in Doha says: "The Port of Olvia project represents a significant development for Ukraine's maritime sector and Ukraine's privatisation efforts. This is a landmark achievement for QTerminals and certainly cements its position as one of the leading port operators in the world."
Neville Bissett, CEO of QTerminals, comments: "We are excited to deliver a long-term investment into the Port of Olvia – the object of particular importance to QTerminals and a starting point for our expansion into Ukraine. We are highly committed to modernising and developing the Port at the highest degree of efficiency and safety. The tender itself proved to be a transparent procedure that met the highest global standards. We are grateful to our legal advisors Clyde & Co and Kinstellar for their excellent service, and their quality, practical advice and guidance resulting in this success"
The Clyde & Co team was led by Lee Keane and Roshanak Bassiri Gharb.
Clyde & Co's Middle East team has been building deep maritime infrastructure and projects market knowledge for nearly 30 years. It is the only international practice with dedicated shipping, international trade and transportation lawyers on-the-ground, advising on transactional, disputes and insurance matters across the entire Middle East region.
Clyde & Co has the largest presence and is one of most experienced international law firms in the Middle East with over 45+ partners and 400 staff, based full time in Abu Dhabi and Dubai in the UAE, Doha in Qatar, Muscat* in Oman and Riyadh in Saudi Arabia, providing a full-service commercial offering of local specialists across most business sectors and practice areas.