SBU and Kuzbassrazrezugol set to invest $ 200m in Murmansk coal port
Russian holding Siberian Business Union (SBU) and Kuzbassrazrezugol plan to invest more than $ 200 million in the Murmansk coal port Phase 1 project, the Business-Tass reported quoting SBU President Mikhail Fedyayev.
He said that the construction will be implemented on an equal footing, 50/50. As to payback period, Fedyayev said, "everything will depend on the situation on the market, what the price will be."
"Five, seven, ten years, actually, everything will depend on well-coordinated work of coal miners, railroad workers, dock workers, and of course, of our customers", said Mikhail Fedyayev was quoted as saying.
The holding said on its website that the port on the west coast of the Kola Bay will be completed within 3 years and its capacity is projected at 18 million tons of coal a year.
The project includes the construction of the Lavna station-port railway, and the power substation. By 2015, the port will have customs and border control post.
According to the SBU head, the coal port in Murmansk will enable smooth coal shipments to Europe. Meanwhile, among the holding’s priority consumers of the commodity are China, Korea and Japan.
Siberian Business Union incorporates several industrial holdings, one of which, SBU-Coal is engaged in coal extracting using open-pit and underground methods. The SBU’s outlook for this year is nearly 24 million tons of coal.
Kuzbassrazrezugol is the second largest coal mining company in Russia. This year, the company plans to extract more than 45 million tons of coal.
