In 2008 LUKOIL Group completed the construction of Varandey oil shipping terminal of annual capacity of 12 million tons of crude oil (240,000 bpd).
The Group, implementing the project has built and launched a stationary ice-resistant marine offloading pier, shore tank farm with a capacity of 325,000 sq m, two undersea pipeline lines, auxiliary tanks, a pumping station, onshore power supply facilities, field camp and other infrastructural facilities. Total investments in the project have totaled $1.1 billion, including $163 million in 2008.
Since June 2008 Varandey terminal has been exporting crude oil delivered from the Timan-Pechora, primarily from South Hylchuyusky deposits, launched in summer of 2008.
The crude is carried by Ice-class 70,000dwt shuttle tankers to the offshore oil storage facilities located in the freezing waters off Murmansk. Then, 150,000dwt tankers transport oil to Western Europe and the USA. In 2008, the terminal transshipped around 7.380 million tons of oil.