FESCO forgoes financing terminal construction
Russia’s Far East Shipping Company (FESCO) has dropped plans to take part in the financing and building of a container terminal at the Ust-Luga port in the Leningrad Region, Prime-Tass reported.
FESCO is one of the shareholders of NCC, which is building the terminal. FESCO has dropped the financing of the project due to a lack of funds for investment.
NCC said that it had to halt the construction of the terminal and delay its launch because of FESCO’s decision. NCC did not specify for how long the launch of the terminal has been delayed. Initially, the terminal was expected to be launched sometime in September-November.
FESCO is one of the shareholders of NCC, which is building the terminal. FESCO has dropped the financing of the project due to a lack of funds for investment.
NCC said that it had to halt the construction of the terminal and delay its launch because of FESCO’s decision. NCC did not specify for how long the launch of the terminal has been delayed. Initially, the terminal was expected to be launched sometime in September-November.