Global Ports Group, operator of specialised port terminals in Russia, and the Corporation for the Development of the Far East and the Arctic (FEDC) have agreed to cooperate to enhance Vostochnaya Stevedoring Company (VSC), part of Global Ports, implementing the expansion project for the container terminal in Primorsky District port area.
As part of the agreement, Global Ports intends to invest at least US$160 million in VSC development by 2030.
Among the group’s objectives are financing the supply of modern handling equipment, upgrading infrastructure and increasing the capacity of yard and rail transport.
“The Far East ports significance in the overseas trade flows has increased drastically. The Group has been consistently investing in VSC for many years which allows the terminal to handle export and import cargo efficiently and uninterruptedly under high market volatility and peek loads,” said Albert Likholet, CEO of Global Ports Group.
“The intensive development of VSC as a responsible investor of Primorsky region and big container hub in Russia remains a priority for the Group, and we view the Far East and Arctic Development Corporation as a strong partner for our strategic plans implementation,” Likholet added.
FEDC will assist Global Ports in developing VSC taking into account the region’s capabilities and needs as well as field trends. The assistance will cover site selection, infrastructure issues and obtaining state support for the project.
“The expansion of the VSC marine container terminal in the port of Vostochny will increase the volume of container turnover in the south of Primorye, providing new jobs and attracting private investment to the region. The implementation of the project will contribute to the development of the region’s production potential and strengthen our country’s export positions,” noted Nikolay Zapryagaev, CEO of FEDC.
