Lukoil to build oil terminal in Leningrad region

Russian oil major Lukoil is to invest USD 150 million in the construction of an oil product terminal in the port of Vysotsk (Leningrad region), Lukoil President Vagit Alekperov said. He said that the construction of the terminal would begin at the end of June and would be completed in September 2003. The terminal will be oriented towards exports of heavy types of fuel, particularly to the USA, he said. It is planned that volume at the terminal will amount to 10 million tonnes of oil products per annum. Construction of the terminal will allow the company to save USD 5–7 on every tonne transported, Alekperov noted. He also said that Lukoil has acquired 100% of shares in Baltkhimexprot, which has designed a chemical terminal in Vysotsk to handle methanol and ammonia.

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