“The consortium plans to continue investing in the terminal’s development, with a project already underway to expand the rail infrastructure and increase its transhipment capacity,” they said after completing the takeover deal with all regulatory approvals.

Current plans foresee a rise in throughput capacity for LPG to 2.4 million mt/y from presently 1.5 million mt/y and for light oils to 2.8 million mt/y from 2.5 million mt/y.

While ceding equity, Sibur will continue to use terminal capacity for LPG shipments and oversee operations.

“The deal structure includes long-term agreements with a number of light oil transhipment companies, ensuring that the new terminal is utilized at its maximum capacity,” they said.

Ust-Luga has become a significant source for Northwest European (NWE) LPG buyers, with slightly over 120,000 mt of propane and butane leaving in October.

French Le Havre was the main NWE taker of Baltic LPG exports in the same month, absorbing four handy-size shipments: two propane cargoes of about 11,000 mt each and two butane parcels of 12,000 mt each, the latter including iso-butane from Finnish Hamina, according to OPIS’ ship tracking data.

Other takers within the Le Havre-ARA-Stenungsund range were located in the Netherlands (Terneuzen, Rotterdam), the U.K. (Teeesside, Canvey Island) and Norway (Rafnes).

Seaborne flows are also regularly noted to Finland, Poland and to Atlantic coast outlets, such as French Donges, where the Navigator Atlas is presently observed dropping off about 10,700 mt of Russian propane.

Moscow-based RDIF is fully owned by state-owned Vnesheconombank. It describes its mission as making “equity co-investments, primarily in Russia alongside reputable international financial and strategic investors.”