e-brod.com: Contract with Japanese firm terminated by consent
Topic: Maritime
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A contract with Kajima Corporation from Japan on the construction of a 300-metre container terminal will be terminated as the price of the new investment project exceeds the amount planned within the Rijeka Gateway Project, said the state secretary for the sea and head of the Rijeka Port Authority Steering Board, Branko Bacic on Thursday.
Bacic denied allegations that the reason for the contract termination was the dissatisfaction with the work of the Japanese company, the Ministry of the Sea, Transport and Infrastructure said in a press release.
The Rijeka Port Authority Steering Board on Tuesday accepted the proposal to terminate the contract with Kajima Corporation from Japan on the construction of the 300-metre container terminal.
In the meantime the Steering Board clarified that this decision was made as the financial framework of the newly projected investment exceeded that planned amount of the project aimed at the modernization of the Rijeka Seaport, which is being financed by a World Bank loan with the guarantees by the government, and with state budgetary funds.
The funds intended for the construction of this terminal in the Rijeka Port will be redirected into the construction of a 300-metre extension of another terminal in the port.
According to the ministry's press release, both sides expressed interest in continuing the cooperation with regard to Japanese companies' further investments and the Croatian Trade and Investment Promotion Agency was glad that the contract was terminated consensually.
The World Bank has approved a USD 156 million loan for the modernization of the port and roads leading to it. The total value of the Rijeka Gateway Project is estimated at USD 266 million.
Source: HINA 06.02.2008.
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