The Trans-Oil Group announced the signing of a Share Purchase Agreement (SPA) for the acquisition of Frial Terminal, located in the Port of Constanța, Romania. The SPA was signed on Friday, 25 October 2024, marking a key milestone in the Group’s long-term strategy to expand its presence in the vital Black Sea logistics hub, says a company’s press release.
Frial Terminal boasts a transshipment capacity of 1.5 million tons of cereals and 500 thousand tons of vegetable oil, significantly enhancing the Group’s operational capabilities and improving the efficiency of its supply chain. This acquisition will allow Trans-Oil to streamline its logistics and distribution of goods across multiple continents. The closing of the transaction is expected to take place later in Q4 2024, subject to receiving clearance from the Competition Council of Romania.
The Group also contemplates a significant expansion of the storage capacities of the port terminal, which will be financed via a Romanian Government grant awarded to the company by the Ministry of Transportation. This initiative underscores the Group’s commitment to strengthening its infrastructure in the region and further boosting its operational capacities.
The acquisition will be financed through a combination of the Group’s internal cash reserves and long-term financing secured from a leading European bank. This investment underlines the Group’s commitment to fortifying its infrastructure and reinforcing its role as a leading player in the agricultural commodities market.
Vaja Jhashi, CEO of the Trans-Oil Group, stated: “The acquisition of Frial Terminal is a significant step forward in our strategy to expand our footprint in the Port of Constanța and bolster our ability to deliver high-quality goods to our clients worldwide. We are confident that this new addition will further enable us to meet the growing demands of our customers and support our growth objectives in the coming years.”
Who is Vaja Jhashi?
According to Rise Moldova, the president and owner of Trans Oil Group – a conglomerate of companies spread across Moldova, Cyprus, Ukraine, Romania and Switzerland, owns businesses in agriculture, food industry, grain and oilseed trade, transport and infrastructure. Suspected of being a businessman close to the oligarch Vladimir Plahotniuc, Vaja Jhashi (on his Moldovan ID it appears as Vazha Dzhashi, a citizen of the Russian Federation) used to sit on the board of directors of the Association of Businessmen of Moldova (AOAM), which Plahotniuc founded it in 2010.
In 2011-2012, Vaja Jhashi also served on the board of Victoriabank, which was also controlled by Plahotniuc. According to the businessman, he has known Plahotniuc since 1998 Vaja Jhashi took over the de facto Trans Oil Group in 2003, successfully transitioning to the status of a major player in the Moldovan grain and oilseed market.
Indirectly, Jhashi controls two large oil factories in Moldova, terminals for grain and vegetable oil at Giurgiulesti Port. It also owns approximately 60,000 hectares of agricultural land. The assets owned and controlled by Vaja Jhashi are estimated at over 200 million dollars, making him one of the richest businessmen in Moldova.