March 20, 2012 [Interfax] - OJSC Novorossiysk Commercial Sea Port (NCSP) shall get a commercial operating permit today March 20 for LLC Novorossiysk Fuel Oil Terminal, a joint venture with oil trader Gunvor, NCSP first deputy CEO Marat Shaidayev said.
He said the terminal has been in a set-up and commissioning phase since December.
“We have received virtually all the licenses, all the titles to the land and real estate properties,” Shaidayev told reporters at a presentation of the company’s development strategy. The terminal continues to be owned equally with the second owner, he added.
NCSP and Gunvor’s Centrosun Holding Ltd founded LLC Novorossiysk Fuel Oil Terminal in May 2009 to build a terminal with capacity for 4 million tons per year. Construction began in April 2010.
Investment in the project totalled $173.6 million, with the partners contributing equally.
