Russia’s Novorossiisk Commercial Sea Port Group (NCSP) has announced that it has signed an agreement with state trader United Grain Company to build a vegetable oils facility at the Black Sea port with capacity to store and ship up to 2 million tons a year.
NCSP, the largest single outlet for Russian energy and commodity exports, said the high-tech terminal has a total investment of around 1.5 billion rubles ($50 million) and is scheduled for launch in 2015-16.
Russia exported 1.43 million tons of sunflower oil between October 2011 and September 2012. NCSP Chief Executive Rado Antolovic said in a statement that they are planning to significantly increase the annual volume of seed oils for the new terminal.
Apart from Novorossiisk port on the Black Sea, NCSP also manages the Baltic Sea port of Primorsk, a major oil and oil products outlet in the north.