The oil company TNK-BP (Tyumen Oil Company and British Petroleum) is to mount an oil terminal worth $175 million in Kingisepp District of Leningrad Region.

According to the information provided by the Leningrad Region Administration, the Interregional Commission dealing with the issues on industrial objects placement in the Leningrad Region (MVK) studied the present question at the last session and approved it.

The investors’ bid says the marine specialized oil terminal is supposed to be built on the Eastern waterside of the Luhzkaya Bay in the vicinity of Logi settlement in the Kingisepp District. The terminal is meant for receiving natural gas and oil and their impermanent storage, then loading them on sea tankers that go abroad. The annual traffic of the future terminal will compose 12 million tons, including 7.5 million tons of oil, 4 million tons of fuel oil and 500 thousand tons of diesel fuel.

The construction process is about to start in early 2005 and to finish by the end of 2006. The “TNK-BP” press service has confirmed the information adding that the final decision on construction of the terminal has not yet been.

News source: www.dp.ru
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