Dow Jones 24.02.2010
Pjsc Novorossiysk Statement Re New Project In The Investment Program
The Novorossiysk Commercial Sea Port Group (LSE: NCSP, RTS and MICEX: NMTP) hereby announces the start of expansion project at PJSC Novorossiysk Grain Terminal (NGT) aimed to increase its handling capacity by 2 million tons per year.
Current NGT terminal was built as a part of NCSP Group's comprehensive investment program. Since August 2009 the terminal operates at maximum capacity handling up to 500 thousand tons of grain every month. NGT is the newest, the largest, and the fastest operating grain terminal on the Black Sea, capable of storing up to 120 thousand tons of grain, and loading vessels up to 60 thousand tons deadweight within 72 hours. The terminal also offers additional services like grain cleaning, drying, oiling, fumigation, and coloring, which enhances competitive strength of Russian grain exporters.
As a part of the expansion project NGT's grain storage will be increased up to 160 thousand tons, while the railcars discharge capacity will be expanded from 2.9 million tons per year to 4.0 million tons, and trucks discharge capacity will be raised from 700 thousand tons per year to 1800 thousand tons. Additional conveyor line and a third ship-loader will be installed to increase ship loading speeds and capacity. All these improvements allow to increase NGT's total throughput capacity by 2 million tons of grain per year. Commenting on the announcement Igor Vilinov, CEO of NCSP, said: «Today NGT capacity is fully booked, and we understand that the demand for high quality grain handling services well exceeds the existing stevedoring capacity in the region. This situation prompts us to take advantage of the expansion opportunity provided in the original design of the grain terminal, and boost its throughput capacity by 2 million tons per year. All necessary engineering solutions will be approved in the nearest future enabling us to launch new capacity already in 2011».
About NCSP Group
Novorossiysk Commercial Sea Port is the largest Russian port operator in terms of cargo turnover. Group's consolidated cargo turnover in 2009 totaled 86.5 million tons. Consolidated revenue to IFRS for the 9 months of 2009 totaled $508.238 million. NCSP shares are traded on Russia's RTS and MICEX exchanges (NMTP) and on the London Stock Exchange (NCSP) in the form of GDRs (1 GDR representing 75 shares). NCSP Group includes the following stevedore companies: PJSC NCSP, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Shipyard, PJSC NCSP Fleet, OJSC Novoroslesexport, OJSC IPP, and Baltic Stevedoring Company Ltd.
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