ADVERT
17.06.2014
Russia
Sector: LPG

$700 million for LPG terminal in Ust-Luga

A consortium of investors that includes the Russian Direct Investment Fund, a group of foreign investors and Gazprombank, came to an agreement considering investment in an LPG and light oil products terminal in Ust-Luga.
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Loading LPG at the Ust-Luga terminal© SiburLoading LPG at the terminal in Ust-Luga

The terminal – a project of national importance – was completed in 2013 under the federal program for the development of ports in north-west Russia.

The facility owned by the Russian holding SIBUR operates at a capacity of 1.5 million tons of LPG and 2.5 million tons of light oil products per year. It’s the only LPG terminal in north-west of Russia, as well as one of the most modern LPG facilities on the Baltic Sea. The consortium will gain full control over the terminal. The transaction amount of the investment is over $ 700 million.

The project is aimed at optimizing the terminal’s capital structure and developing the transshipment potential in terms of LPG and a wide range of light oil products.

Under the agreement, SIBUR will continue to have exclusive rights to use 100% of LPG transshipment capacity. The joint venture between the consortium of investors and SIBUR will include operational management of the facility. It will retain all current staff.



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Piotr Złoty
source: LNG World News



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