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Ust-Luga co, ICT Group agree to build transshipment terminal

It will take 2-2.5 years to complete the construction

Photo ITAR-TASS

Photo ITAR-TASS

ST PETERSBURG, June 20 (Itar-Tass) - The Ust-Luga Company and ICT Group (Investments. Construction. Technology) have signed an agreement on the construction of a terminal for the transshipment of general cargo and fertilizers in the territory of the Ust-Luga merchant seaport. The sides put their signatures to the agreement on Thursday within the framework of the St Petersburg International Economic Forum.

"The construction of an artificial land allotment has been already started as a matter of fact, to be followed by the establishment of infrastructure. Experience shows that it takes 2-2.5 years to build such a terminal," said Valery Izrailit, Chairman of the Board of Directors of the Ust-Luga Company. "If we begin (the construction) this year, the terminal will be ready by the beginning of 2016. Besides, as far as I know, there are plans to build a factory," he pointed out

The new terminal with a capacity of over four million tonnes will be built on the artificially created land plot on an area of eight hectares. The terminal is part of the investment project of the ICT Group, including the construction of a carbamide plant within an industrial zone adjacent to the port. The carbamide plant is to produce synthetic ammonia from natural gas, carbamide solution and granules. Its capacity will be 350,000 tonnes of ammonia and 1.2 million tonnes of carbamide a year. The terminal and the factory will be linked with a 3.5-km channel of communications, resultant of which the investor is planning to reduce transportation costs considerably. Investments in the project are estimated at $1,5 billion.

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