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Business news, 07.10.2003 13:04

Hamburg's Hafen and Lagerhaus Acquires 25% Stake in Saint Petersburg's Petrolesport

Hamburg-based container company Hafen and Lagerhaus (HHLA) acquired a 25.01% stake in Petrolesport which is engaged in the transfer of dry freight in St. Petersburg's sea port. Petrolesport Chairman of the Board Victoria Dudenko told Rosbalt that HHLA acquired the package of shares from Orimi concern, which owns Petrolesport. The amount of the sale and conditions were not disclosed. HHLA and Orimi declined to comment.

In 2001 HHLA and Petrolesport began to modernize the container terminal on the territory of the Saint Petersburg sea port. The entire project was valued at USD 50 million. With the addition of two new berths, the acquisition of new equipment and the development of infrastructure, the terminal's capacity should increase to 220 thousand standard containers (TEUs) by 2006, and 500 thousand by 2015. HHLA will provide for the increased freight flow through the terminal. The project is being financed by Petrolesport on loans from Sberbank and Vneshtorgbank.

In 2002 the freight turnover at the terminal reached 70 thousand standard containers. In 2003 it should reach 90-100 thousand. Petrolesport has an 8.6% share of the total freight turnover at the Saint Petersburg port. HHLA was founded in 1885. In 2002 HHLA trade turnover reached USD 681 million.

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