On the Anaklia Development Consortium

Construction of the Anaklia Deep Sea Port is one of the major and strategically paramount projects for Georgia today. Initiated in 2013, the project is being carried out by the Anaklia Development Consortium (ADC), made up of specialized firms with diverse backgrounds. The Georgian side is represented by TBC Holding as the project developer and principle partner of the Consortium.

Since the launch of construction works, the Consortium has faced a number of challenges, among them ungrounded rumors and allegations. However, all were met with thorough responses from the administration of the ADC, leaving no suspicions in terms of the crucial importance of launching the Deep-Sea Port in Georgia and the upcoming success of the project.

On August 15, The Conti Group, a major American constructing engineering company, representing one of the founders and shareholders of the Consortium, left said consortium, in doing so withdrawing from the Anaklia Deep Sea Port. The information was later confirmed by Levan Akhvlediani, CEO of the ADC. No official reason has been given as to their reasons for stepping out of the project.

The Georgian political opposition commented on the decision of the American company, stating that the actions of the current government have led to the decline of US interest in Georgia and its potential. Roman Gotsiridze, one of the leaders of the opposition, said that the government has been fighting the Anaklia Deep Sea Port Project and that it will be responsible if this major initiative fails. However, the representatives of the government related the withdrawal of the Conti Group to the financial and commercial interests of the company, noting that such shifts in the management of the ADC will have no negative influence on the development of the project.

Levan Akhvlediani in turn put emphasis on the passive role of the Conti Group in the Consortium over the past few months. He also noted that the American company left the Supervisory Board of the ADC in December 2018 and had remained only as shareholders.

“Of course, this is not a positive move,” he added. “But there is nothing in this decision that will critically damage the project, or the Consortium.”

The Ministry of Regional Development and Infrastructure of Georgia released a special statement on the recent developments, expressing doubts as to the feasibility of the further progress of such a large-scale project without one of the principle shareholders.

It is stated in the Ministry’s document that for the initiative to be fulfilled decently, it is vital to have major experienced investors. As such, the ADC has been told to present such an investor which is able to continue the development of the construction of the Anaklia Deep Sea Port in the shortest time frame.

By Ketevan Kvaratskheliya