Ust-Luga Co, Gulftainer join to develop Ust-Luga port’s facilities
JSC Ust-Luga Company (the Customer-Developer of Port of Ust-Luga) and Gulftainer Global Logistics Limited (an international transport and logistics operator of terminals) have signed an agreement to combine their industrial and financial capacity for further development of transport and logistics complex in Commercial Sea Port of Ust-Luga, the Ust-Luga Company press release said.
The two companies announced their intention to acquire a 25% stake + 1 share of JSC Transport Logistics Complex.
The signing ceremony was held during the X International Investment Forum Sochi-2011 in the presence of Russian Prime Minister Vladimir Putin. The final agreement between the parties will be concluded in 2012.
Gulftainer, experienced in logistics operations at sea ports, will facilitate the effective development of Multipurpose Handling Terminal "Yug-2", and Warehouse Logistics Centre (WLC), intended for handling and storage of rolling, general, container and other types of cargo, the report says.
"This is a serious step for Gulftiner corporation, and we realize that we are entering the fastest growing Russia’s region - the Baltic region. Its value is in the transit potential of Russia is enormous, as it is the gateway for about 60% of the country's container traffic and the cargo volumes are constantly growing, " managing director of Gulftainer Global Logistics Limited Peter Richards commented the signing of the agreement.
General Director of JSC Ust-Luga Company Maxim Shirokov said that the company is would be pleased to see at the port such a large and experienced player in the logistics market, the company Gulftainer.
"I am confident that thanks to Gulftainer the imports of new cars through "Yug-2" Ro-Ro terminal will grow. We will have additional services on the territory of the port and at the yard of Warehouse Logistics Center, there will be new types of goods," Mr. Shirokov said.
Ust-Luga Joint Stock Company was established in 1992 for the construction of new commercial seaport in the Luga Bay of the Gulf of Finland. The shareholders of the company are JSC Russian Railways (RZD) and the Administration of the Leningrad region.
Commercial Sea Port of Ust-Luga is the largest and most modern Russia’s multipurpose seaport. Deep harbor (17.5 m) and a short approach channel (3.7 km) allow the port to handle 160,000dwt vessels.