The investment in the remediation process exceeds EUR29 million and marks the second phase (after the archeological research) of an investment program worth over EUR800 million, aimed at converting the former Oil Terminal industrial platform into an integrated urban complex.
“This area has held a decade-long historical role in the development of Constanta and has been a driver of economic growth. We aim to transform this place, set in the heart of Constanta, from a symbol of yesteryear’s industry into a clean and modern urban regeneration project, integrated in the life of the community and bound to become a new development hub for the city in every way (…),” said Raluca Munteanu, Development Manager IULIUS.
The contaminated site housed an oil depot with over 30 tanks containing petroleum products for about 80 years. The tanks, built around 100 years ago, were no longer technically viable for remediation. “The platform has been out of use for more than a decade now due to the incompatibility of these operations with the city center,” stated Sorin Ciutureanu, General Manager of Oil Terminal.
The bioremediation process includes soil treatment, physical isolation of contaminants, and groundwater purification.
IULIUS has a portfolio comprising more than 320,000 square meters of retail space covering two mixed-use projects of urban regeneration (Palas Iasi and Iulius Town Timisoara), the national network of regional shopping malls (Iulius Mall – Iasi, Cluj-Napoca and Suceava) and the Family Market projects in Iasi (Miroslava and Bucium).