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.
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.