Minsk proposes using its contractors' services to modernize Sakhalin port, no discussion of Belarus buying share - governor

YUZHNO-SAKHALINSK. Oct 29 (Interfax) - Belarusian companies could take part in modernizing the Korsakov seaport, the Sakhalin region's chief port, the region's governor Valery Limarenko told Interfax while on a working visit to Minsk.

"They [the Belarusian leadership] are considering an option where Belarusian companies take part in modernizing the Korsakov port as contractors," Limarenko said.

The Belarusian side is not planning to buy a share in the Korsakov port's operating company, he said.

As reported by Belarusian BelTA state news agency, Belarusian President Alexander Lukashenko suggested that Belarus take part in creating an international transport and logistics hub in the Sakhalin region during a meeting with Limarenko on October 28. "We are ready to cooperate on your project to create an international transport and logistics hub by modernizing the infrastructure of the Korsakov seaport and building fish processing plants," Lukashenko said.

The Korsakov port is Sakhalin's largest, handling up to 80% of cargo coming to the island. JSC Korsakov Marine Trade Port has 14 cargo cranes and six berths. Reconstructing the seaport is expected to cost around 15 billion rubles. The goal of its development is to establish a fish storage and processing business at the port. The project was previously presented as "a multifunctional deep-water hub with full wave protection structures and a container terminal." The first phase of reconstruction should be completed in 2025 and the second in 2027.

JSC Korsakov Marine Trade Port had a net profit of 4.1 million rubles in 2023, compared to 9.8 million rubles the previous year. Revenue stood at 901.3 million rubles in 2023 and 772 million rubles in 2022. The company does not publish information about its current shareholders.