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Lavna port awaiting Investment decisions

Russian coal producer KuzbassRazrezUgol (KRU) and the State Transport and Leasing Company (GTLK) are once again considering the development of their long-awaited 18 Mtpa Lavna coal terminal on the west of Kola Bay, close to Murmansk.

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KRU had recently considered its withdrawal from the project, in view of the shrinking cargo base, soaring construction costs and the devaluation of the rouble. In October, GTLK endorsed a buyout of KRU’s interest. GTLK planned to invite a third-party investor to implement the project. The same month, GTLK signed a cooperation agreement with China’s Poly International.

 

Now, however, GTLK and KRU may proceed together, according to the latter’s chairman, Andrey Bokarev, with the project due to develop in three stages (6 Mtpa each) with an initial investment of around US$313M.


The coal terminal is part of a larger undertaking, the so-called Murmansk Transport Hub, to be developed under Russia’s Transport Strategy for 2010-2020, which also implied the construction of an oil terminal at Lavna and a 28 Mtpa rail approach line.

Building of coal and oil terminals at Lavna was expected to start a decade ago, but KRU’s initial partner, Siberian Business Union, later pulled out. Economic sanctions against Russia and the collapse in the oil price have led to further delays, with Lavna’s state funding cut in half in 2014. The situation was saved by the state-run oil firm Rosneft, which in November completed the acquisition of a 75% stake in the Lavna Oil Terminal.

 

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