Estonia's Entrepreneurs Prepare to Invest in Russia's Ports

The slow but sure decrease of the volume of Russia's oil and petroleum products transshipped through the seaports of the Baltic republics forces Estonian companies engaged in this business to look for ways to invest their money elsewhere.

For instance, Pakterminal, one of such companies, plans sizable investments in one of Russia's seaports. According to the Aripaev newspaper, Pakterminal intends to to transship 8.5 million tonnes of petroleum products via Estonia, which is a 2% decrease year-on-year. Again, according to Aripaev, Pakterminal explains the problems it is having by high tariffs at Estonian ports, which exceed those in force at Russia's ports 1.3 or even 1.5 times. Another quoted reason is that the oil refinery in Kirishi, the Leningrad Region, has begun transshipping operations through the terminal at the town of Primorsk, so there is less left to go toward Estonia.

In the meantime, Aadu Luukas, the largest stockholder of Pakterminal and the richest man in Estonia, began preparing political grounds for moving toward Russian market as long ago as during the last year. It was him who was actively lobbying the official registration of the Estonian Orthodox Church of the Moscow Patriarchy. Besides, Mr. Luukas is the largest contributor to the Orthodox monastery in Kuremjae, Estonia. This year, Mr. Luukas received the annual award of the International Foundation of Orthodox Unity for his support of the Orthodox Church and promoting spirituality.

At this time, Pakterminal says nothing as to which Russian port it is going to invest in.