KINEX-Holding Chose Site for Oil Terminal in Primorsk

KINEX-Holding has chosen a site in Primorsk for the construction of an oil terminal. As Deputy Governor of the Leningrad Region Grigory Dvas told journalists, the local administration is now preparing a decree to approve the choice of site. He added that KINEX-Holding is already making plans for construction of the terminal.

The new oil terminal is expected to have a capacity of 12 million tonnes a year (2 million tonnes of crude oil, 2 million tonnes of refined oil and 8 million tonnes of fuel oil), according to the regional economic and investment committee. The project is worth about USD 94 million and is expected to be completed over 4 years. According to Mr Dvas KINEX-Holding will be able to finance the construction project with its own funds.

KINEX-Holding (Saint Petersburg) is a trading partner of Surgutneftegaz. KINEX-Holding's sells over 10 million tonnes of oil every year.