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Business news, 25.03.2002 16:41

Sea Port of St. Petersburg may become the largest on the Baltic Sea

Sea Port of St. Petersburg As Igor Rusu, Director General of Sea Port of St. Petersburg, said at a press conference, investments in the port in 2002 should increase by 12.9% on the year and reach about $70 million.

The money will pay for completion of the complex for reloading of mineral fertilisers, further development of container terminals and the re-equipment of the port.

There is an intention to build a new universal grain terminal at the seaport with an annual throughput of up to 2.5 million tonnes. The construction is supposed to begin in the second half of the year 2002. The new additions may make the Sea Port of St. Petersburg the largest seaport on the Baltic Sea. In 2001, its cargo turnover came close to that of the Port of Ventspils, Latvia.

The authorised capital stock of Sea Port of St. Petersburg equals $10,300 and is divided into 222,230 equities and 90,770 preferred Class B shares, their face value $0.323 each. The stockholders include NASDOR Inc. of Liechtenstein with 48.93% of shares and 68.9% of votes; the Property Committee of St. Petersburg with 28.79%; the Ministry of Property of the Russian Federation with 20% and a number of individuals together owning 2.26%. Sea Port of St. Petersburg includes the following subsidiaries: First Stevedore Company, Second Stevedore Company, First Container Terminal, Fourth Stevedore Company, Timber Stevedore Company, Baltic Bulk Terminal, Neva-Metal company and Port Fleet. In 2001, the cargo turnover of the port increased by 8%.

News source: Rosbalt

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