RDIF considers investment in Far East coal terminal project by Summa
The Russian Direct Investment Fund (RDIF) is considering investing in the North coal terminal construction project in the Vostochny Port in the Primorsky region, RDIF says in its press release. The project is being led by Primorneftegazprom, managed by Summa Group. According to the agreement, RDIF will also help to attract leading international investors to the project. The agreement was signed during the Eastern Economic Forum in Vladivostok.
The coal terminal will have a capacity of approximately 20 million tons per year.
It will be used for the transshipment of Russian coal exports to countries in the Asia-Pacific region. The terminal is scheduled to open in 2018 with initial capacity of 7 million tons per year.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: “Vostochny port is essential in connecting one of Russia’s most important railroads with sea routes to leading Asia-Pacific countries. It has the potential to become a major transport link within Russia’s Far East region. The new terminal will improve Russian companies’ export potential, making it easier for them to access international markets. It will also boost the development of the Primorsky region.”
Ziyavudin Magomedov, Chairman of the Board of Summa Group, said: “As President Vladimir Putin has frequently emphasized, we must strengthen the position of Russian coal in international markets, including the promising Asia-Pacific region. Without the development of efficient transport infrastructure, this would not be possible. The planned “equal access” terminal will be specifically aimed at servicing small and medium-sized coal mining companies that lack their own transshipment facilities.”
Russian Direct Investment Fund (RDIF) was established in 2011 to make equity co-investments, primarily in Russia alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. Based in Moscow, RDIF’s management company is a 100% subsidiary of Vnesheconombank.
Summa Group is a diversified holding company that unites promising and fast-growing assets in port logistics, engineering, construction, telecommunications and oil and gas. The Group’s companies, which have a presence in almost 40 of Russia’s regions and abroad, employ more than 20,000 people. Mr. Ziyavudin Magomedov is the founder of the Group, as well as a shareholder.