URALCHEM Group and Riga Commercial Port LLC (RTO) have finalized their joint project for construction of Riga Fertilizer Terminal, the Russian fertilizers exporter said in a media release. The terminal is intended for transhipment and short-term storage of bulk fertilizers in the port of Riga.
The agreement on the project was signed between URALCHEM and RTO in 2009. To implement the project the two companies established a joint venture - Riga Fertilizer Terminal LLC, with a 51% / 49% ownership in Russian Holding and RTO, respectively.
Total investment in the project amounted to more than 60 million euros. The RFT Phase 1 annual capacity will be 2 million tonnes of bulk cargo.
Chairman of the Board of Riga Commercial Port Ralfs Klavins noted that the facility is one of the few terminals in the port of Riga, dedicated for handling products of the the cargo owner.
"Direct deliveries from the manufacturer to its own terminal enables him to expedite cargo deliveries to the final consumer. From Riga the fertilizers laden ships will bound for South America, China, India, Europe, Australia and many other countries," Klavins said.
General Director of URALCHEM Dmitry Konyaev commented that the terminal commissioning will strengthen the company's footprint in the global market, optimize logistics chains, cut transportation costs, and meet the demands of consumers.
The terminal was built utilizing the most modern and environmentally friendly technologies and materials and meets the most stringent EU requirements for safety and environmental impact.
URALCHEM Holding P.L.C., a company incorporated in Cyprus and the holding company for URALCHEM Group, one of the largest producers of nitrogen and phosphate fertilizers in Russia and the CIS. URALCHEM Group is the second largest ammonium nitrate producer in the world and number one in Russia and the second largest nitrogen fertilizer producer in Russia.