Baisarov's TEPK to build 12 bln ruble coal terminal at Vanino port
KHABAROVSK. Jan 21 (Interfax) - LLC Tuva Energy & Industrial Corporation (TEPK) plans to start construction at the end of 2013 on a coal terminal in the area of Burny Cape at the Vanino port in Khabarovsk Territory, the Far East Development Ministry's press service said.
Far East Development Minister and presidential envoy to the Far East Federal District Viktor Ishayev and LLC TEPK Ruslan Baisarov, the co-owner of Russkaya Mednaya Kompaniya, signed a cooperation agreement on the project on Monday.
The terminal will have capacity to handle about 15 million tonnes of coal per year, and will handle coal from the Elegest coal field in Tuva, among others.
Baisarov said the project will cost an estimated 12 billion rubles and take two years to complete.
TEPK also plans to build a 400 km rail line to link Tuva and Krasnoyarsk Territory.
"For transport logistics we needed a port. It will be kept busy, because we plan to load it only with our own resources. It is expected that the port will employ 500 people, mostly local residents; it wouldn't be right to recruit staff from other regions. Plus 2 km of connecting rail lines will be built and we will buy tankers for future growth," Baisarov said.
The chief executive of LLC Far East Vanino Port, Viktor Sokhrannov said the new facility would be built on 65 hectares of land next to OJSC Vanino Commercial Sea Port and not far from the coal terminal of Siberian Coal and Energy Company (SUEK), Russia's biggest coal producer.
The company plans to complete the design of the terminal in 2013. There are plans to buy more than $120 million worth of equipment for the terminal.
TEPK has charter capital of about 1 billion rubles, and Cyprus-based Regul Capital Limited owns 99% of shares. LLC Far East Vanino Port is registered in Khabarovsk with capital of 50,100 rubles and is 74.9% owned by Pavel Bogomolov; Moscow firms LLC Transresurs-Bunker and LLC Vostok-M each hold 12.55% of shares in the company.