Terminal operator Eurogate has reportedly acquired a 20% stake in OJSC Baltic Container Terminal, the new facility at the Russian port of Ust-Luga in the Baltic.
The $800 million terminal is currently being built by Russia's National Container Company (NCC) and the first phase of construction is expected to be completed by December 2008.
The company's wholly-owned subsidiary, Eurogate International, has made what Thomas Eckelmann the managing director of Eurogate calls a “minority shareholding”.
“With the implementation of the shareholding, a strategic step has been taken towards expanding the container terminal network into the Baltic Sea area and the strongly growing Russian market,” the company said in a statement.
According to NCC, the terminal will be able to handle up to 500,000 TEUs per annum when it opens in early-2009. The handling capacity is expected to reach 3.0 million TEUs by 2019 with further growth potential of up to 6.0 million TEUs annually.
The construction of the terminal is part of a group of projects aimed at building a multifunctional port at the mouth of the Luga-river.
The $800 million terminal is currently being built by Russia's National Container Company (NCC) and the first phase of construction is expected to be completed by December 2008.
The company's wholly-owned subsidiary, Eurogate International, has made what Thomas Eckelmann the managing director of Eurogate calls a “minority shareholding”.
“With the implementation of the shareholding, a strategic step has been taken towards expanding the container terminal network into the Baltic Sea area and the strongly growing Russian market,” the company said in a statement.
According to NCC, the terminal will be able to handle up to 500,000 TEUs per annum when it opens in early-2009. The handling capacity is expected to reach 3.0 million TEUs by 2019 with further growth potential of up to 6.0 million TEUs annually.
The construction of the terminal is part of a group of projects aimed at building a multifunctional port at the mouth of the Luga-river.