Billion-Dollar Investments and a Suspended Concession: Ukraine Is Once Again Negotiating the Future of the Port of Olvia

Ukraine continues its efforts to preserve the concession project for the specialized seaport of Olvia in Mykolaiv Oblast. In light of the consequences of the full-scale war, the parties are reviewing the contract terms to resolve the investor’s obligations and create opportunities for the further development of port infrastructure.

The progress of the negotiations was reported by Deputy Minister for Recovery, Infrastructure and Transport Anatolii Timenko on his Facebook page after a meeting with QTerminals Olvia Director Ruslan Oleinyk. According to the official, the parties discussed how to continue work on the concession amid the full-scale war. Anatolii Timenko stressed that the war has significantly affected port operations and investors’ ability to meet their obligations. The current task, therefore, is to find solutions that take the circumstances into account and make it possible to preserve the partnership. According to the deputy minister, the parties are currently working on several areas. In particular, they are preparing amendments to the concession agreement that reflect the consequences of the war, as well as resolving the financial and legal issues needed to move the project forward. They are also drafting an addendum to the concession agreement and a corresponding government decision. These documents are intended to establish the terms of further cooperation between the state and the investor.

A working group meeting is planned for early November 2026 to agree on the next steps. The parties will also consider extending the suspension of the concession term beyond February 24, 2027. The decision will take into account the ongoing martial law and the time required to restore port operations.

Anatolii Timenko emphasized that maintaining cooperation with investors remains important even in difficult circumstances. In his view, large-scale infrastructure projects require clear rules and decisions that reflect the realities of war.

The concession agreement for the port of Olvia was signed on August 20, 2020. Under its terms, the Qatari company QTerminals was to invest around UAH 3.4 billion in port development and allocate at least UAH 80 million to local infrastructure. In December 2021, the port’s assets were transferred under a 35-year concession.

The project was suspended following Russia’s full-scale invasion. In August 2025, Ukraine’s Ministry for Communities and Territories Development, QTerminals Olvia LLC, and Qatari company QTerminals signed a memorandum of cooperation and understanding on the restoration of the concession project.

Ukraine is currently continuing negotiations with QTerminals Olvia to preserve the project and resolve the issues hindering its further implementation. However, preparing amendments to the agreement does not mean that the port has resumed operations: the parties still need to complete the approval process and follow the required procedures.

Previously, we wrote:

• From the founding of the Admiral Makarov National University of Shipbuilding to Olvia’s future concession: what made September 18 memorable in Mykolaiv
• Three barges from Ocean, +38.5°C, and the first 5,000 m³ of water: what made August 28 memorable in Mykolaiv
• Kherson Seaport, reorganized by the government, joined Mykolaiv’s Olvia port
• QTerminals Olvia’s first month of operations proved highly productive
• A dream turned into a successful project: Olvia Stevedoring Company became part of an international company