Port operator Oil Terminal, of which the Ministry of Energy owns 87.75 percent, has approved the partnership with Iulian Dascălu for a real estate project worth more than EUR 800 million in Constanta.
Oil Terminal is coming up with the land, which is in the immediate vicinity of Constanta train station, and Dascălu will build the mega-project.
“The form of the partnership is a joint venture agreement that provides for the start of the PUZ phase of project authorization, the improvement or extinction of environmental obligations on the land at the cost of the developer, the dismantling of existing infrastructure on the land for the implementation of an urban regeneration and development project at the cost of the developer under the surface contract,” it is mentioned in the announcement to the Bucharest Stock Exchange.
