The Baltic Oil Terminal joint venture, which makes part of Latvia's DINAZ holding company, and Belneftekhim concern are going to build an oil terminal in the Riga free port, DINAZ President Nikolai Ermolayev said at a session of the Latvian-Belarusian Investment Forum on October 16.
According to him, the project has been submitted to the Economy Ministry. “The Ministry will study the project and I hope will take a decision by the end of the year,” he said.
An environmental study of the project will be ordered in November this year, Nikolai Ermolayev informed. Once it is completed, we will proceed to the construction which we plan to start at the end of 2009 and finish in 2011, he said. The project is estimated at EUR 170 million. Nikolai Ermolayev did not specify the shares of the Baltic Oil Terminal and Belneftekhim in the new company but assured this will be a joint venture on a parity basis.
The annual capacity of the terminal is 10 million tonnes of oil and oil products. It will occupy 27 hectares and consist of two jetties. The total volume of tank battery is 370,000 cubic metres. Vessels up to 80,000 tonnes deadweight can be loaded at the terminal.
According to him, the project has been submitted to the Economy Ministry. “The Ministry will study the project and I hope will take a decision by the end of the year,” he said.
An environmental study of the project will be ordered in November this year, Nikolai Ermolayev informed. Once it is completed, we will proceed to the construction which we plan to start at the end of 2009 and finish in 2011, he said. The project is estimated at EUR 170 million. Nikolai Ermolayev did not specify the shares of the Baltic Oil Terminal and Belneftekhim in the new company but assured this will be a joint venture on a parity basis.
The annual capacity of the terminal is 10 million tonnes of oil and oil products. It will occupy 27 hectares and consist of two jetties. The total volume of tank battery is 370,000 cubic metres. Vessels up to 80,000 tonnes deadweight can be loaded at the terminal.