“The market is demanding more terminals in light of increasing coal and oil product export demand. We currently export what we can’t ship by rail to the Baltic states and Ukraine,’ Mr Olersky said.
Demand for commodities is increasing as the global economy recovers, adding urgency to Russian port development plans that were delayed during the downturn.
Trading giant Gunvor has put the launch of what is slated to become the country’s largest oil products terminal, in Ust Luga, on hold for more than a year. Mr Olersky said that even when this port and another facility in Murmansk are completed, Russia will still not have sufficient facilities to meet demand.
Russia plans to build an onshore terminal in Murmansk to export crude from the Arctic. ‘We will also need new ports on the Black Sea and the Taman Peninsula,’ said Mr Olersky.