Georgian Construction Company Prime Concrete Starts Building a new Pace Terminal Project in Poti co-financed by the U.S. OPIC
The Georgian construction company Prime Concrete has been commissioned to build a new Pace Terminal Project in Poti with a total value of construction work of US$ 20 million. The project is co-financed by the U.S. Overseas Private Investment Corporation (OPIC).
An official ceremony to mark the beginning of construction was held in Poti on October 1, 2019 and was attended by the Deputy Prime Minister of Georgia Maia Tskitishvili, the Minister of Economy of Georgia Natia Turnava, the Managing Director of OPIC Kenneth Angel, the Pace Terminal’s Director David Nadirashvili and the Founder of Prime Concrete Alexander Sokolowsky. Other high-ranking members of the Georgian government and parliament as well as diplomats and foreign guests were also present.
For a Georgian company to build such an important terminal is a unique opportunity. Prime Concrete managed to successfully qualify for the tender in a highly competitive process with dozens of international contractors. Its competitive advantages lay in its distinctive means and capabilities, its experience and know-how, and its truly local presence. Prime Concrete also partnered with the Dutch companies Royal HaskoningDHV, which developed the most efficient design for berth and pier construction, and Vanthek, a leading international piling contractor.
Prime Concrete is a well-established Georgian construction company that has successfully implemented numerous large-scale projects, acquiring exceptional competence and invaluable expertise in the fields of port, water, road and other civil and industrial infrastructure projects. Its portfolio includes maritime projects such as the rehabilitation of berth no. 7 and the construction of an inland container terminal in Poti; public works such as wastewater treatment plants in Anaklia, Ureki, Zugdidi and Gardabani; extending Tbilisi’s 2nd metro line (to University Station); and building and rehabilitating several municipal roads in western Georgia (Samegrelo).
Prime Concrete CEO Alexander Sokolowsky underlined the importance of the Georgian company winning the tender: “We are extremely glad to engage in the construction of this strategic facility. It is an exceptional occasion when a Georgian company under an EPC contract takes full responsibility for the construction of such a complex and large-scale project. We use local capabilities, bring our decades-long experience and expertise, hire local workers, and use local construction materials, which is beneficial for local communities and the entire country. We will make sure with our partners from Pace Group, Royal HaskoningDHV and Vanthek, that the new terminal is built in a high-quality, safe and environmentally friendly manner, increasing Georgia’s transit capabilities to new high levels.”
The new terminal will occupy 25 hectares of the New Port Zone in Poti’s former shipyard. The total length of the berthing facilities will be 650 meters, with a water depth of 12 m. This will be the first modern facility in Georgia to handle deep-water vessels by 2020. The total cargo turnover of the terminal will be 5 million tons. The total project cost is US$ 93 million, of which US$ 50 million will be allocated by OPIC and the remaining US$ 43 million by Pace Group as an equity contribution. This is OPIC’s single biggest engagement in Georgia. The terminal will increase the country’s strategic importance as a hub between East and West and as an integral part of the Belt and Road Initiative. OPIC’s decision to finance the project is also a form of recognition from the U.S. and other international stakeholders of the terminal’s significance for Georgia and the wider region.