Ust-Luga Port Complete the Construction

2 February 2015

“Ust-Luga” company completes the construction of the sea port of Ust-Luga and preparing this year to sell their assets to back their loans, said yesterday at a press conference the chairman of the board of directors Valery Izraylit. According to him, the credit liabilities of the company – about 1.2 billion rubles., of which 600 million rubles. – Debt to VTB

The remaining funds will be used for payments to shareholders, added Izraylit. Assets of the company “Ust-Luga” is estimated at 1.5 billion rubles., said a source in the company.

Company “Ust-Luga” belongs Investport Holding Establishment (23%) and Leningrad region (21%), it was created in 1992 for the construction of a seaport. Within the port operates 12 terminals and end point of the pipeline BPS-2, built three terminal built all engineering, transport infrastructure, the total investment amounted to more than 200 billion rubles., says Izraylit.

“Assets, including port system of water supply, sewerage, electricity, port roads and telecommunications, will be allocated to individual companies, which will be put up for sale – promises Izraylit. – All objects will be audited this year, preliminary cost estimated in negotiations with potential buyers”. “Assets may be interested in LOESK and “Lenenergo”, said yesterday the governor of Leningrad region, Alexander Drozdenko. “Lenenergo” treats feasibility of acquiring electricity”, said yesterday the company representative. In LOESK last night could not comment on the words of the governor.

Fixed assets of the company “Ust-Luga”, according to the report for 2013 (no later statements), estimated at 1.9 billion rubles., Including construction in progress – 1.3 billion rubles. Long-term loans amounted to 1.7 billion rubles., Among the creditors of the bank “St. Petersburg” (700 mln.), VTB (600 million rubles). Sobinbank (198 million rubles). Ruskobank (130 mln.), Marine Joint-Stock Bank (80 mln.).