The worlds biggest oil producer has expansion on the horizon, as its ports prepare for a hike in fuel demand.
Russia needs to expand its port facilities to meet growing demand from oil, coal and other exporters.
Russia ships a large portion of its energy resources to foreign buyers via neighbouring countries due to domestic port limitations.
The market is demanding more terminals in light of increasing coal and oil product export demand. We currently export what we cant ship by rail to the Baltic states and Ukraine, deputy transport minister Viktor Olersky asserts.
Amsterdam-based trading player Gunvor has put the launch of the Russia billed-to-be largest oil products terminal in Ust Luga on hold for more than a year.
Olersky says that even when this port and another facility in Murmansk are completed, Russia will still not have sufficient facilities to meet demand. Russia plans to build an onshore terminal in Murmansk to export crude from the Arctic.
We will also need new ports on the Black Sea and the Taman Peninsula.