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Business news, 22.03.2004 12:41

LUKoil terminal in Leningrad Region to open this summer

LUKoil terminal The LUKoil terminal on Vysotsky Island in Leningrad Region will open at the beginning of this summer, according to the LUKoil press service. During the first phase of operation the terminal will have a capacity of processing 10.8 million tons of oil with the possibility of upgrading to 15 million tons.

Oil products will be exported through the terminal to the European ports of Porvo, Finland, Gdansk, Poland and Rotterdam, Holland. During the first phase of operation, the terminal will accept tankers with a deadweight of 20-50 thousand tons, then upgrade to 80 thousand tons.

Last September LUKoil President Vagit Alekperov and US Agency for Insuring Private Investment Abroad (OPIC) Vice President Ross Connelly signed a credit agreement for financing the building of the terminal. The US private investment fund HBK Fund allotted RPK Vysotsk-LUKoil a credit of USD 225 million for building the terminal to be returned over a period of 12 years.

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