OREANDA-NEWS. On 01 July 2008 was announced, that on the eve of the 12th International Saint Petersburg Economic Forum, Ust-Luga Company and United Metallurgical Company (OMK) signed an investment agreement for the construction of a transshipment terminal at the Ust-Luga Merchant Seaport.

The subject of the Investment Agreement with United Metallurgical Company is the construction of a terminal for transshipment of general cargoes. The new terminal's planned cargo turnover is 2 million tonnes a year. Capital investments in the construction are estimated at about 3 billion rubles.

The decision to construct the terminal was made by United Metallurgical Company to expand the geography of its product supplies to CIS countries and non-CIS countries and reduce delivery costs.

Ust-Luga Company is the Customer-Developer of the Ust-Luga Merchant Seaport in the Luga Bay, Gulf of Finland. The construction of the new merchant port in the Baltic area is implemented under the federal purpose-oriented program "Modernization of Russia's Transport System" on a public and private partnership basis. The port is designed to service Russia's growing foreign trade. The annual capacity of this multipurpose port is up to 120 million tonnes of cargoes. It is planned to reach 36 million tonnes by 2010.