The Facility of Vnesheconombank will be directed to complete the financing of the project “Construction of a liquid bulk cargo in the commercial seaport of Ust-Luga (Leningrad region)” and is provided within the overall limit of project financing in the amount of $ 545 million.

The total project cost will be about 26 billion rubles. The terminal is designed for transshipment of petroleum products at amount of more than 20 million tons a year.

Port of Ust-Luga is located on Russia’s border with the EU. Its 16-m deep harborage and a 3.7-km-long approach canal make Ust-Luga the only Russian port on the Baltic Sea capable to accommodate 75,000dwt bulkers and 120,000dwt tankers. In 2009, the port of Ust-Luga handled 10.3 million tons of cargoes. There were 1.031 ships calls at the port last year (517 arrivals and 514 departures).