|By PR Newswire||
|February 12, 2014 02:00 AM EST||
MOSCOW, February 12, 2014 /PRNewswire/ --
Volga Group, Gennady Timchenko's investment vehicle, has acquired a 50% stake in Sukhodol LLC ("Sukhodol"), a company which is constructing a new bulk terminal in Sukhodol Bay, in the Primorsky region in Russia's Far East. Once it is completed the terminal is expected to have a capacity of 20 million tons per year. The project will be implemented with the SDS Holding Company.
The bulk terminal will be used for coal exports to Russia's Asian-Pacific markets, such as Korea, India, China and Japan. Construction of the first stage is scheduled to be completed by 2016. Construction of stages 2 and 3 is scheduled to take place 2019-2021.
"Construction of the bulk terminal in the Primorsky region will significantly enhance Volga Group's position in the logistics and infrastructure sector with a new export route," commented Chlodwig Reuter, Chairman of Volga Group's Board of Directors.
About Volga Group
One of the largest investment groups in Russia, Volga Group has investments in 18 core companies, located mainly in Russia. Total consolidated annual revenues in 2012 were US$116 billion. The three core strategic investment areas are energy, logistics and infrastructure. Volga Group also has investments in the financial services and consumer goods sectors. The Group's largest holdings include Novatek (23%), Gunvor (44%), Sibur (37.3%), Transoil (80%), STG Group (63%). Website: http://www.volga-resources.com
For media inquiries:
Mr. Anton Kurevin:
Communications Director, Volga Advisors
Email: [email protected]
Phone: +7-495-777-38-98 (extn. 711)
Mr. Stuart Leasor:
Email: [email protected]
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