Russian consortium announces terminal investment

The Russian Direct Investment Fund and a consortium of other investors have announced a deal to invest in a terminal in the Ust-Luga port.
After obtaining all regulatory approvals, the consortium acquired 100% of the terminal, which is owned by petrochemical company SIBUR, and transships LPG and light oil products.
According to the agreement, SIBUR will be entitled to use the terminal’s capacity for the transshipment of its LPG and will oversee the terminal’s operations.
The deals includes long-term agreements with a number of light oil transshipment companies, to ensure the new terminal’s capacity is fully maximised.
The consortium plans to invest in the terminal’s development and a project is already underway to expand rail infrastructure and increase transshipment capacity. The transshipment of light oil products is expected to increase from 2.5 to 2.8 million tons per year.