Novorossiysk Seaport to Open Black Sea Fuel-Oil Terminal ‘Soon’

Novorossiysk Commercial Sea Port (NCSP), Russia’s largest by volume, completed a fuel oil terminal with capacity of 4 million metric tons a year and plans to open it soon, said an executive at one of the port’s shareholders.

“We will push to increase the volume of oil products there,” Alexander Vinokurov, first vice president of Summa Group, said in a Dec. 16 interview in Moscow.

Summa and OAO Transneft, Russia’s oil pipeline operator, have joint control over a 50.1 percent stake in Novorossiysk, on Russia’s Black Sea coast. Summa, which is controlled by businessman Ziyavudin Magomedov, also has assets in gas production, mining, telecommunications.

In May 2010, Novorossiysk said the terminal would cost 5 billion rubles ($156 million) to build.

To contact the reporters on this story: Lyubov Pronina in Moscow at lpronina@bloomberg.net; Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net;

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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