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December 29, 2003

Development Policy

Alexander Kirilichev, General Director of PRISCO at the press conference on the results of the year 2003 told that this year had been successful for the Primorsk Shipping Corporation according to many characteristics: volume of cargoes transported by PRISCO vessels may increase the highest level of the year 2001 when 10.4 mln. tons of cargo were delivered to our customers. For 11 months of the current year PRISCO tankers have already transported 9,823 mln. tons, which is comparable with volumes of transportations for the whole year 2002. PRISCO profit for the year 2003 is expected to be nearly US$ 138 mln. which is US$ 14 mln. and something else more than it was last year. PRISCO vessels are increasing volumes of Sakhalin oil transportations. Totally for the period from January till December this year PRISCO tankers have already transported more than 1,350 mln. tons of Sakhalin oil. During summer navigation oil from Vitiaz terminal is transported by PRISCO flagship – tanker “Primorye”, from port De- Kastri in the north of Khabarovsky Krai by tanker “Azija” of 40,000 tons dwt. In winter oil from De-Kastri is delivered by “Samotlor” type tankers with ice-strengthened hulls which can work without ice assistance.

PRISCO is going on to build double-hull tankers of Aframax type. Tanker “Sakhalin Island” of 108,000 tons dwt has been already launched at Brodosplit Shipyard in Croatia and it is planned to be put into operation in March, 2004. In May the same Shipyard is planned to launch one more tanker of the same type which name will be “Governor Pharkhutdinov”.
As it is known this year PRISCO has won tender for transportation of Sakhalin oil, which will be extracted within Project Sakhalin–I. Winning in this tender has allowed PRISCO to make a contract for building of three new tankers of Aframax type. They will be built at Hyundai Heavy Industries Shipyard in Ulsan (South Korea). It is planned to start building of 100,000 tons dwt. tankers in March, 2005, to put them into operation in 2005-2006. Now preparation works are being done, technical documentation has been signed.

PRISCO is planning to build 2 – 4 large tonnage vessels for work on Baltic route. They will transport oil products from port Primorsk to Europe. Tankers will have ice class, their deadweight will be 150,000 – 170,000 tons. Contract for building of these vessels is planned to be signed till the middle of the next year. Now PRISCO has sent tanker “Primorye” of 105,000 tons dwt. to Baltic Sea which in summer season 2003 worked at Sakhalin shelf. Taking into consideration building of new tankers PRISCO fleet will still consist of 45-47 tankers, but quality of the fleet will be changed.




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