Company news in July 2004 | |||
TNK-BP''s Board of Directors to Address the Issue of Pre-Project Funding for a 12-Million Ton Capacity Terminal Construction in the Leningrad Region on July 23
TNK-BP''s Board of Directors will consider on July 23 the issue of allocation of funds to be used for pre-project work under the project to construct a 12-million ton capacity terminal in the Leningrad Region, as representatives of the company informed the Leningrad Region Vice Governor Grigory Dvas during a working meeting on July 6, reported the News Service of the Committee for Economy and Investments of the Regional Government. During the meeting, the parties exchanged information on the progress of the project for construction by TNK-BP of a marine specialty terminal for crude oil and refined product transshipment, worth of $ 175 million and with capacity of 12 million tons, in the Leningrad Region. As PRIME TASS reported earlier with reference to Mr. G. Dvas, TNK-BP would be able to get down to design of the terminal in the Leningrad Region in November 2004. The Inter-Institutional Commission of the Leningrad Regional Government resolved on February 5, 2004, to agree upon in principle the issue of placement of a specialty terminal for TNK-BP''s crude oil and refined product transshipment on the eastern shore of the Luzha Bay, Gulf of Finland. The terminal will be placed nearby the settlement of Logi (Gorki), Kingisepp District, Leningrad Region. TNK-BP will act as the principal. The terminal is intended for receipt of crude oil and refined products to the pool of tanks, temporary storage, loading onto sea tankers and export supplies. The expected scope of investments into the terminal construction is up to $ 175 million. In accordance with TNK-BP''s application, construction will start in 2Q 2005 and will end in 4Q 2006. Cargo turnover of the terminal will amount to 12 million tons of oil a year, including 7.5 million tons of crude oil, 4 million tons of fuel oil, and 0.5 million tons of diesel fuel.
Source: PRIME-TASS