Port of Vidri

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On April 1, 2004, Bollore Group started to operate the Port of Vidri in Abidjan, under a 15 year lease contract, with a possible 10 year extension. Award and financial closure date were unknown. Under the contract, existing assets remained in government hands and were handed over for free to the private operating company, "Société d’Exploitation du Terminal de Vridi" (SETV). SETV agreed to pay an annual redevance of 3.5 million Euros (US$4.8 million) in addition to a variable part based on the volume transported. SETV was legally responsible of all necessary investments during the lease period. The private operator was in charge to set tariffs and to decide of services proposed. According to the private operator, 18.7 million Euros (US$22 million) were invested between April 2004 and January 2005. In 2011, the European Commission authorised Ivorian company Socimac and Bollore of France to merge, to exercise joint control over SETV. In 2011, SETV in Abidjan handled 530,000 TEU. In 2012, the government of Cote Ivoire suggested that Bollore opened up its terminal to its competitors. Inv in gov assets (US$36.4 million) is computed by taking the net present value of 15 annuities of 3.5 million Euros at the exchange rate of 2004 and with a discount rate of 10%.