Finnish logistics and shipping company Containerships LTD OY will build a container terminal in northwestern Russia under a deal signed Thursday with regional officials.
Containerships CEO Kimmo Nordstrom and Valery Serdyukov, governor of the Leningrad Region, agreed on a five-year project to build a freight-processing complex at Yanino, a regional government spokesman said. He said that up to $70 million could be invested in the project.
In 2002, Containerships built a sea terminal in the St. Petersburg suburb of Kronstadt, on the Gulf of Finland. The facility's annual capacity could be increased to 500,000 TEUs (Twenty-foot Equivalent Units) of cargo per year from the current 75,000 TEUs when the Yanino terminal becomes operative, the source said.
Under the new deal, Containerships will also start research into planned construction of a sea terminal near Primorsk.