NCSP gets go-ahead for container terminal expansion
Novorossiysk Commercial Sea Port (NCSP, part of NCSP Group) has entered into an agreement with Novorossiysk authorities on the investment project in the Krasnodar Territory. The agreement was signed at the eleventh International Investment Forum "Sochi-2012", held 20-23 September 2012, the stevedore company said.
Under the terms of the agreement NCSP and its subsidiary Novoroslesexport (NLE) will invest RUB 6,428,000,000 (incl. VAT, interest payments) in its container terminal expansion to boost the facility capacity to 700,000 TEUs a year.
Novoroslesexport will perform dredging at Berths No 28, 28A, purchase additional warehousing and production equipment, a STS crane and two mobile cranes, overhaul the 3rd spur line to increase the capacity of on-dock rail yards, etc.
Novorossiysk Commercial Sea Port is the largest Russian company and ranks third operator in Europe in terms of cargo throughput. The NCSP Group incorporates the following stevedore companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port (since 2011), PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, CJSC SFP and LLC NFT (joint venture). Novoport Holding Ltd, which is beneficially owned by Transneft and Ziyavudin Magomedov (Summa Group), holds a 50.1% stake in PJSC NCSP. Consolidated revenue according to IFRS for the nine months of 2011 totaled $782 million and EBITDA of $404 million. NCSP shares are traded on Russia's MICEX exchange (NMTP) and on the London Stock Exchange in the form of GDRs (NCSP). In 2011, cargo traffic at NCSP Group totaled 157 million tons.