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EastRussia Bulletin: Sukhodol Port Construction Cost Increases by 20%

EastRussia Bulletin: Sukhodol Port Construction Cost Increases by 20%
Photo: EastRussia

In Primorsky Krai, the cost of building the coal port of Sukhodol increased by 20% to 42,6 billion rubles. At the same time, according to new estimates, the project’s profitability is also increasing, and the payback period is just over ten years, according to the next published issue of the EastRussia newsletter.

The project should receive a loan from Russian Railways for nine billion rubles, and another 39,5 billion rubles is supposed to be attracted from banks. Moreover, the provision of a loan (for 13 years at 10% per annum) was not approved by the board of directors of Russian Railways in 2018, however, a loan was still issued to the project in the amount of 2,95 billion rubles. To approve a loan this year, compliance with conditions such as transshipment of at least four million tons per year for 12 US dollars per tonne under ship-or-pay contracts is required.

The project was launched in 2012, it involves the creation of a coal port with a capacity of 20 million tons (12 million tons by 2021 year and another eight million tons by 2022 year). The total project cost is estimated at 51,3 billion rubles (instead of the previous 48,5 billion rubles).

Detailed analytics on this and other relevant topics can be found in EastRussia Weekly Newsletter.