The State Assets Agency (AVAS) opened for privatization the Mangalia Shipyard company, owner of one of the largest Black Sea ports, an official press release informs. AVS sells all 100% of the stock, entirely owned by the state.

The current social capital of the company is some 1.6 million euros, its main activity consisting of ships construction, maintenance and repairs.

The most important criteria for bidding are to have had at least 4 million euros as business figure in 2006 and to submit a business plan for the following five years.

The business plan must include at least 4.5 million euros worth investments for the first five years, out of which 2.5 millions in the first year.

Another 500,000 euros must be invested in environment projects. Five years of experience in the field are a must.