Somovit Port Terminal

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In May 2009, Bulgaria's Transport Ministry signed a rehabilitate, operate and transfer type concession with local Varna-based company Oktopod-S OOD for the Somovit Port Terminal at the port of Ruse. The company was to invest 6.445 million Bulgarian lev (US$4.58 million) over the 22 years of the concession. In October 2008, the Transport Ministry opened the tender for Somovit Port Terminal. Oktopod-S was selected as the winning bidder after the company outbid a local candidate, Sofia-Med. Under the concession contract, Oktopod-S will increase the capacity of the port, which is part of the larger port of Ruse, and and will launch passenger services. The October 2008 tender for Somovit Port Terminal was the second attempt after the first tender failed. In 2006, the Bulgarian government scrapped the first tender after the country's Supreme Administrative Court rejected the government's selection of Oktopod-S as the concessionaire. 2009 investment commitment denominated in Bulgarian Lev were converted into USD using IMF annual average exchange rate for 2009 of 1 USD = 1.407 Bulgarian Lev