The Council for the Review of Investments of State Security Importance in Moldova has approved an investment of over 24 million euros by the National Company “Constanta Seaport Administration” SA for the development of the Giurgiulesti International Free Port’s infrastructure, according to a government release.
The investment involves acquiring 100% of the share capital of ÎCS “Danube Logistics” SRL, the port’s operator, wholly owned by the European Bank for Reconstruction and Development (EBRD).
The investment plan includes developing a roll-on/roll-off terminal, establishing a container terminal, modernizing railway infrastructure, expanding warehousing facilities, digitizing port operations, and implementing energy efficiency and green transition solutions.
However, the decision has raised concerns due to the investment amount and the ongoing EBRD tender process.
The proposed 24 million euros for 100% of Danube Logistics’ share capital is significantly lower than the estimated 70 million euros already invested in the port’s development, suggesting the price may not reflect the asset’s true value.
Additionally, on April 14, 2025, the EBRD announced an international tender to identify a new strategic investor for Danube Logistics.
The approval by the Moldovan government, led by Prime Minister Dorin Recean, for a Romanian state-owned company, a bidder in the tender, raises questions about the process’s transparency.
Critics suggest the government may be favoring the Romanian bidder, potentially undermining fair competition, or that the EBRD tender was a formality, with the sale decision already finalized.
It is possible the Council’s approval will be used to justify the Romanian company’s selection in the tender.
The Giurgiulesti International Free Port, located 133 kilometers from the Black Sea at the confluence of the Prut and Danube rivers, is Moldova’s only seaport.
Built in 2006, it features an oil terminal with 63,000 tons of storage, two grain terminals, a general cargo terminal, and a business park.
The EBRD acquired Danube Logistics in 2021, assuming full control of the port’s operations.
Transferring control to Romania will reduce tax revenue and investment in local infrastructure.”
The lack of clarity around the tender and the low sale price have sparked debate about the deal’s fairness and its impact on Moldova’s sovereignty and economic interests.
National Company “Constanta Seaport Administration” SA (CNAPM) is a state-owned entity under the Romanian Ministry of Transport, managing the Port of Constanta, Romania’s largest Black Sea port. In April 2025, CNAPM allocated 2 million lei for consulting services to support its bid for Danube Logistics, indicating prior interest in the Giurgiulesti port.
Danube Logistics SRL, a Moldovan company, is the operator of the Giurgiulesti International Free Port. Fully owned by the EBRD since 2021, it manages the port’s oil, grain, and general cargo terminals, as well as a business park.
European Bank for Reconstruction and Development (EBRD), headquartered in London, is an international financial institution founded in 1991 to support economic transition in Central and Eastern Europe, Central Asia, and other regions.