Will the plan of the Hungarian seaport shatter?
At the end of 2020, a year and a half after the announcement, the Hungarian state-owned company finally bought the Trieste port area and a concession for EUR 25 million (HUF 8.6 billion). The firm closed the year in the red due to attorney fees.
As we reported, it was huge news that Hungary would have a seaport again after 100 years, even if it was not directly connected to the country. However, according to HVG’s most recent report, the situation has become uncertain.
Adria Port Ltd., a state-owned project company established for the Trieste port investment, closed 2020 with a loss of EUR 1 m (~HUF 346 million), according to the company’s report. The loss-making operation is not surprising since the company currently has no revenue but does have expenses, as it already rents an office in Trieste, has employees, and uses various services.
At the end of 2020, Hungary managed to finalise the main transaction.
The company thus became richer with a plot worth EUR 23.6 million. The company also acquired a 100% stake (worth EUR 1.9 m) in an Italian company called Aquila, which owns the purchased port operation concession.
Adria Port also recorded furniture, computer technology, and machinery worth EUR 85,000, as well as 1.4 thousand euros worth of Microsoft programs.
Nevertheless, Adria Port still has a bank deposit of EUR 16 million. This, of course, required a state capital increase of EUR 15 million (~HUF 5.5 billion), also implemented in December.
Although the port area and the concession (which will last until 2074), have finally become the property of the Hungarian state, a functioning port and logistics centre will not be there for a long time.
In January, the Ministry of Foreign Affairs acknowledged to HVG that the development of the area had yet to be agreed upon with the Italian authorities, only after which could construction begin.
Read alsoThis is what Hungary’s seaport will look like!
Source: www.hvg.hu
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6 Comments
Schadenfreude. A stupid idea remains thus. Stupid.
Just to clarify: this is not a Hungarian seaport, it is a leasing of 32 hectares of a Trieste port section which has been kind of abandoned some 85 years ago, which is in ruins and requires a very expensive job of reclaim, and that includes 300 meters of a canalside…
Behind the Orbanistic propaganda, the truth is: Italy remains the owner of that area and on the long term will benefit, Hungarian taxpayers will cover the huge costs of a useless project whose positive impact on the Hungarian economy is likely to be near zero.
It will have a positive impact on the important Hungarian oligarchy as of course friends of Orban will certainly become more wealthy. We the tax payer and EU tax payers will fill the greedy pockets of those special Hungarians who need the most.
When Hungarian police have finally tracked down “Mario The Caveman”, it will then be possible – after this port has been refurbished – to DEPORT the left-wing, migrant-worshipping and sexual deviant-adoring neanderthal inside a locked / padded cage stored deep inside a ‘tramp steamer’ to Africa WITHOUT any interference from the European Union.
Once in his new home – “MARIOSTAN” – this creature from a by-gone era can grunt to his heart’s content whilst fiddling with his little club (much to the amusement of locals).
Such a momentous event will – in itself – more than justify any development costs for the port area.
Once again, an insect – pretending to be human – has submitted comments under the name of “AlfredE.Neumann”.
That particular excuse for a living organism has used an extra ‘n’ – which can be used to describe him / her / it (i.e. NINCOMPOOP / NITWIT / NAUSEATING ).
Be advised that the real “AfredE.Neuman” believes that this port will be VERY BENEFICIAL for Hungary.
Only left-wing “brown tongues” (like “MARIO THE CAVEMAN” and “ENORMOUS ANONYMOUS”) believe otherwise.
NEVER BELIEVE A LEFTIE – THEY ARE ALL COMMUNISTS IN LOOSE-FITTING RAGS !
I totally agree with you AlfredE.Neuman I agree with you that this port will be beneficial to all Hungarians