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Severstal

March 12, 2002

Severstaltrans launches joint project with Yukos

"In 2002, Port Vostochny, owned by a transportation company Severstaltrans, Severstal subsidiary, and Yukos oil company will start construction of an oil transfer terminal in Port Vostochny - the largest oil terminal in Primoriye.

The terminal turnover is expected at 7 million tonnes a year. It will operate to its capacity in 2005. First part of the terminal will open already in 2003. It's expected to handle 4.5 million tonnes of oil a year.

Yukos and Port Vostochny will found a joint company to build and operate the terminal. This decision was made as a result of negotiations between Yukos and Severstaltrans.

Construction of the oil transfer terminal is an important step in the Severstaltrans program to bring investment, develop infrastructure and increase turnover of goods at Port Vostochny - the largest port in the Far East. By 2005 its turnover will increase up to 25 million tonnes a year. This year's investment into several projects which take place at port Vostochny is US $ 150 million.

In 2001, the turnover of goods at Port Vostochny was 12.86 million tonnes. Port is located in a nonfreezing bay with large natural depths, which allow to call ships of up to 150,000 tonnes displacement. The port specializes in servicing bulk cargo, general cargo, wood and large capacity containers. After oil terminal begins operating to its capacity, Port Vostochy will become the largest port in the region in transfered oil volumes.

 

 

 

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