Jens Borup (V) as a member of Frederikshavn City Council has done what he can to raise awareness among citizens and the public. Over the past year, he has warned that the municipal self-governing port's debt does not match its turnover at all. This is something that has been noted in the municipality.
- It has resonated here; I have spoken out against Rome. By Rome, I mean the mayor Birgit S. Hansen, says Jens Borup.
The retired fisherman has experience from 15 years of board work at Jyske Bank and 16 years of experience from the billion-dollar company FF Skagen, which produces fishmeal and oil. That is why he is used to looking at accounting figures in a different way.
- I noticed that the turnover was not high enough for a debt of 1.5 billion. DKK, explains Jens Borup about the port's turnover, which is in the order of around 80 million. DKK annually.
Frederikshavn Municipality has provided a guarantee for part of the debt.
- We have provided a guarantee for approximately one billion DKK. That is a staggeringly high amount, says Jens Borup and puts into perspective what it could mean for the municipality's citizens:
- There are approximately 45,000 taxpayers in the municipality. If the bill were to end up with the taxpayers, it would correspond to a bill of approximately DKK 22,000 for each.
That is the danger that the politician is afraid of. He has a clear position on what tax money should be used for.
- It should be welfare that the citizens get for their money, he concludes.
An arbitration case
Jens Borup does not paint the devil on the wall, but he looks at the risk, as he did during his time on the board of Jyske Bank. Although the worst-case scenario does not have to be fulfilled, there are two things that do not completely satisfy him.
Stena Oil's oil terminal has finally started after a three-year delay.
- Now the oil terminal has started. It was supposed to cost 210 million DKK, but it ended up costing 460 million DKK, he says.
The work on the terminal was originally supposed to be carried out by Bladt Industries, but the Port of Frederikshavn stopped the collaboration with Bladt Industries on the construction of the oil terminal at the end of 2022. There is an aftermath after that.
- There is an arbitration case between Bladt and the Port of Frederikshavn. It is not known whether it will make money or cost money, Jens Borup assesses.
What if
Now Stena Oil's oil terminal has opened at the port, and the Liberal politician sees this as an improvement in the port's revenue.
- I think the port will reach a turnover of 100 million DKK with the revenue from Stena Oil. But if the turnover were to match the debt of 1.5 billion DKK, we would have to reach 150 million DKK, says Jens Borup and points out a worst-case scenario:
- Stena Oil Terminal A/S is a subsidiary of Stena Recycling, which in turn is a subsidiary of Stena Metal A/B in Gothenburg. But as I see it, the parent company only covers all the subsidiaries with a guarantee of 10 million Swedish DKK. That is, Stena Oil Terminal A/S is a gut that can be cut off if something goes wrong.
Here the politician asks the critical question.
- Why is there no direct obligation between Stena Metal A/B in Gothenburg and Frederikshavn Port? There is a 22-year agreement with an income for the port of 216 million. DKK. That is the agreement that exists. But the terminal has cost 460 million. DKK, Jens Borup points out.
He also leaves no doubt as to why he views the risk this way.
- I know this kind of thing from my time on the board of Jyske Bank. This is not something a municipality should work with. That is why I propose that up to 80 percent of the port be sold, so that the municipality is only left with 20 percent. It shouldn't be the best you sell, says the politician.
DOI.dk has tried in vain to obtain a comment on this article from Stena Recycling's Danish director.
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