LUKoil hoping for US investment in Vysotsk oil terminal

LUKoil is hoping that the Private Investment Corporation (OPIC), a US state corporation for making investments abroad, will take part in its project to build an oil terminal at Vysotsk in the Leningrad Region. At a press conference yesterday, LUKoil president Vagit Alekperov said that Flur Daniel, a company working for OPIC, had already carried out an evaluation of the project. LUKoil is hoping to receive USD 200 million in investment.

LUKoil intends to open the first stage of the oil terminal at Vysotsk in November. It will have an annual capacity of 2.5 million tonnes of oil. Once the terminal is fully up and running it will be able to handle 10.6 million tonnes of oil a year. The total cost of the project is USD 300 million. The terminal will be able to accommodate tankers with deadweight of up to 70,000 tonnes, which will carry oil to Western Europe and the US.

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