Gunvor's terminal in Ust-Luga could be launched in Mar-Apr 2011
MOSCOW. Nov 19 (Interfax) - OJSC Rosneftebunker's (RNB, a company held by oil trader Gunvor) oil loading complex could be launched in March-April 2011 at the Ust-Luga Port, a source close to the company told Interfax.
The source that during trial-runs, major mistakes in the construction of the oil fueling facility for the railway link had been uncovered. In order to correct this situation, RNB raised $200 million from Vnesheconombank (VEB), the source said.
It was earlier reported that funds worth $545 million are being provided to a Gunvor company in the framework of the total limit on financing for the project (VEB's supervisory board approved the provision of these funds for the terminal's construction).
Gunvor planned to start operations of the first section of the terminal at the end of 2009. Later the opening was rescheduled several times. The total cost for the project comes to around 26 billion rubles. The terminal will be able to handle over 20 million tonnes a year.
Rosneftebunker was founded in 1997 for building an oil-loading terminal at Ust-Luga. The sore shareholder is Neftegazinkor, which is a subsidiary of Zarubezhneft. However, Cyprus-registered Capefar Ltd, which is a structure of Gunvor, became Rosneftebunker's owner in 2008.