The project is being led by Primorneftegazprom, managed by Summa Group. According to the agreement, RDIF will also help to attract leading international investors to the project. The agreement was signed during the Eastern Economic Forum in Vladivostok.
The coal terminal will have a capacity of approximately 20 million tons per year. It will be used for the transshipment of Russian coal exports to countries in the Asia-Pacific region. The terminal is scheduled to open in 2018 with initial capacity of 7 million tons per year.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), stated:
"Vostochny port is essential in connecting one of Russia's most important railroads with sea routes to leading Asia-Pacific countries. It has the potential to become a major transport link within Russia's Far East region. The new terminal will improve Russian companies' export potential, making it easier for them to access international markets. It will also boost the development of the Primorsky region."
Ziyavudin Magomedov, Chairman of the Board of Summa Group, commented:
"As President Vladimir Putin has frequently emphasized, we must strengthen the position of Russian coal in international markets, including the promising Asia-Pacific region. Without the development of efficient transport infrastructure, this would not be possible. The planned "equal access" terminal will be specifically aimed at servicing small and medium-sized coal mining companies that lack their own transshipment facilities."