Oil Terminal informs shareholders that Andrii Sebastian Dumitrescu, who owns a minority stake of 3.35% of the company’s share capital, has registered in the Court of Constanta case no. 6405/118/2023 challenging the partnership entered into between the company and Iulius Real Estate. Oil Terminal declares that it will take all legal measures to protect its interests.

We will remind, a week ago the state company Oil Terminal and the developer Iulius Real Estate SRL signed a partnership contract with the Ministry of Energy for the construction of a huge residential complex worth 800 million euros in the middle of the city of Constanta.

A developer wants to build a city within a city on the land of an oil terminal

Minister Sebastian Bourduya also took part in the signing. In short, what does this partnership consist of? The Oil Terminal Company, 87.75% of which is owned by the Ministry of Energy, is relinquishing a 38-hectare plot of land for an annual fee of 2 million euros, subject to indexation, which Iulius Real Estate will develop according to the “City within a City Concept. The parties involved say that it is a “city reconstruction project in Constanta”.

According to the Ministry of Energy, the land has been idle for more than 10 years and was used to store petroleum products. “In addition to an investment estimated at more than 815 million euros in the capitalization of the land as a project that integrates urban gardens, offices, retail and entertainment areas, educational and cultural facilities, as well as integrated infrastructure to support mobility and communication connection, IULIUS will pay Oil Terminal SA an annual surface tax of EUR 2 million, which is subject to indexation,” the Ministry of Energy said in a statement.