A new fuel oil storage terminal will be built at Russias Novorossiysk Commercial Sea Port (NCSP) next year.
NCSP chairman Alexander Ponomarenko says the terminal will have capacity to handle 4 million tonnes of product a year.
In other news NCSPs results for the first nine months of the year show a fall in bunker prices has cuts its revenue by $31.2 million (20.7 million) compared to the same period in 2008.
The volume of bunker fuel handled by NCSP was up, however, by over 8% to 405,500 tonnes. In total, NCSP Group revenues increased by $20.7 million to reach $508.2 million in first the nine months of 2009.
NCSP is a bunker supplier in the Russian Black Sea port.