16 June 2004 02:34
Lukoil launches export terminal in Vysotsk (Part 2)
VYSOTSK. June 16 (Interfax) - The Russian oil company Lukoil launched the first phase of its oil terminal in the
Leningrad region town of Vysotsk on June 16. The terminal will export oil to Russia and the U.S.
The capacity of the first phase of the terminal is 4.7 million tonnes of oil products per year, and of the entire
terminal - about 12 million tonnes per year. The first phase cost about $200 million to build and construction began in
June 2002.
The project was financed by a 12-year, $225-million loan from HBK
Fund LP of the United States to RPK-Vysotsk Lukoil II, the special
The terminal will have two rail transshipment complexes, 17 reservoirs, three docks, two of which can handle tankers
with deadweight of 47,000 tonnes and 80,000 tonnes. It is planned to use the complex to export products from Perm,
Nizhny Novgorod and Ukhta oil refineries.
Lukoil had planned to launch the terminal in November 2003. However, the company postponed the launch date and
decided to launch the entire first phase of the terminal at one time, as the technical chain for servicing the first and
second start-up complexes is unified.
The company ZAO Lukoil-Neftegazstroi carried out the turnkey construction of the plant together with Fluor
Corporation from the U.S.
purpose company owning the terminal. OPIC provided a $130-million loan guarantee, while Credit Suisse First Boston
arranged the financing and provided a $75-million loan guarantee.
Oil and oil products are supplied to the terminal mainly by rail, and in the summer period river-sea tankers having a
deadweight of 6,000 tonnes will supply fuel oil to the terminal.
Russian Prime Minister Mikhail Fradkov said at the launching ceremony on Wednesday that the terminal has good
prospects for further expansion.
"This is a case when business interests coincide with those of the state and are incorporated in Russia's
energy strategy," he said.
Presidential envoy to the Northwestern Federal District Ilya Klebanov described the launching of the terminal as
"the beginning of the implementation of the president's task on doubling GDP." [RU EUROPE ASIA EEU EMRG
ENR CRU OIL PROD TRD SHP CON] rd va tj
[Interfax] |
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