“Handling of the first tanker at the port of Ust-Luga, albeit in a test mode, represents the launch of a new export route for Russian oil products. I am confident that the route will be able to take over some cargo traffic, passing through the ports of the Baltic States, primarily via Estonian terminals “, Mr. Olersky was quoted as saying.

The first shipment of export petroleum products was carried by the 47,000dwt SCF Neva, a products tanker built in 2006 for Sovcomflot.

The official reminded that Rosmorport is completing the dredging project at the port of Ust-Luga. The project will enable a circular movement of ships at the harbor. “I think, by September at the latest the 17.5-meter depths we allow us to accommodate 150,000dwt ships at the port,” the Deputy Minister said.

Construction of a terminal for handling exports of crude oil and petroleum products was expected to be completed at Ust-Luga port by the end of 2010. The projected capacity of the terminal is 30 million tons of oil products a year. Customer-developer of the export handling complex is Rosneftbunker, a company associated with Gunvor. The project is financed through the $200m credit facility from Vnesheconombank. The total project cost is reported to be about 26 billion rubles.