📋 Tender Overview
Today, on August 19, the Cabinet of Ministers (Cabinet) approved the proposal of the Ministry of Transport (MoU) to end its participation in the joint stock company Ventas Port. JSC Ventspils Port was founded at the end of 2019 with the aim of taking over and ensuring the functions of the Freeport of Ventspils. The port of port was endangered because the Ventspils Freeport Authority was included in the list of sanctions between the United States Treasurys Foreign Active Control Bureau (OFAC). With the establishment of a new government in September 2023, the MoU launched a broad transport industry management reform. This reform is expected to review the existing institutional framework, the methodology of investment evaluation and attracting, as well as improve the management of the industry as a whole. The new port management model will also include the essence of port function and role, ensuring that port development and management are carried out in accordance with modern requirements and the principles of sustainable development. In order to promote the professionalism of port management and to ensure the depolitization of port management depolitization, the scope of the Responsibilities of the Port Authority and its Board has been revised. Similarly, in joint stock companies, the Port Council will be established as a supervisory authority in the Port Authority, which will represent the interests of the state and the municipality. Accordingly, the current board of directors in both Ventspils port authorities will cease to exist. The ports operational activity is intended to be delegated to the Port Authority executive, led by the port manager. The Port Council would perform port monitoring functions rather than decision -making functions, similar to companies. According to the articles of association of JSC Ventas Port, its share capital is 35 thousand Eiro, which is 100% owned by the state and their holder is SM. The public financial resources, which were invested in the establishment of JSC Ventas Port, will be used for the liquidation process of JSC Ventas Osta. The economic activity of JSC Ventas Osta has been suspended from July 1, 2024 and is required for its liquidation in accordance with the legislation in force.
