China Machinery Engineering Corporation (CMEC) has been awarded a €120M Bulgaria port project construction contract, together with local company Logistic Center-Varna EAD, to develop port infrastructure in Bulgaria’s largest sea port
The agreement was signed at the Summit of China and Central and Eastern European Countries held in Dubrovnik, Croatia, before Easter.
CMEC will take charge of the project design, material supply, construction and installation as the prime contractor. The overall project construction period will be 36 months.
This is understood to be the first port project with a Chinese company in Bulgaria. The project will strengthen the company’s branding in Bulgaria, Central and Eastern Europe, and greatly improve cargo handling capacity of Bulgaria, said CMEC.
Bulgaria signed a Belt and Road Initiative MoU with China in 2015. Actual Chinese investment in Bulgaria to date has lagged behind some other BRI participants, although transport infrastructure investments have picked up in the past year or so, including a framework agreement to build four motorways and construct a road tunnel under the Balkan mountains.
CMEC is owned by China National Machinery Industry Corporation.