St. Pete Oil Terminal Plans to Modernize

ST. PETERSBURG -- Petersburg Oil Terminal, the country's largest oil-product exporting port, plans to spend as much as $200 million on modernizing facilities as it seeks to expand annual loading capacity by one-quarter to 15 million tons.

The plans for the next two years include constructing a rail unloading area, upgrading existing facilities and training personnel, Kirill Kotin, a spokesman for the company, said Friday. The terminal is part of the St. Petersburg harbor complex on the Baltic Sea.

"Based on our previous activities and development, we estimate that further modernization will cost $150 million to $200 million," Kotin said.

The port is now operating near its full annual capacity of 12 million tons and ships diesel, oil products and bunkering oil, also known as shipping oil, Kotin said. Management may consider exporting gasoline and kerosene after the upgrade is complete if demand continues to grow, he said.