BSTDB and STLC Will Cooperate in Constructing Modern Coal Transshipment Complex
Press Release | 14-Feb-2019
The Black Sea Trade and Development Bank (BSTDB) extended a USD 69 million loan to the Russian State Transport Leasing Company (STLC) to finance the construction of the Lavna Coal Transshipment Terminal at the Murmansk sea port. The loan agreement was signed today at the Russian Investment Forum in Sochi. The agreement was signed by BSTDB President Dmitry Pankin and STLC Director General Sergey Khramagin in the presence of Prime Minister Dmitry Medvedev.
The BSTDB loan is the Bank’s largest investment in the Russian infrastructure development to date.
The Lavna coal transshipment terminal is part of the federal state Program on the Russian transport system development, the State Strategy for railways development and Comprehensive Plan for modernization and enhancement of transport infrastructure.
The Lavna project is the first port concession in Russia. The project will make a significant contribution to the development of the export transport infrastructure, will increase the efficiency of coal transportation and enhance Russia’s transit capacity in the region.
The completion of terminal’s first stage with capacity of 9 million tons is expected by December 2020, with the second stage to follow by December 2021. The launching of a third stage with the same capacity of 9 million tons with completion by 2023 is under consideration, as well as a construction of a mineral fertilizer transshipment terminal with 6 million ton capacity.
The Lavna project will use a special technology to minimize the environmental footprint.
Signing the loan agreement, BSTDB President Pankin said: “Our cooperation with STLC reflects the Bank’s commitment to supporting the development of modern and sustainable transport infrastructure in Russia. As a multilateral development bank, BSTDB seeks to significantly increase its strategic role in promoting infrastructure investment with high development impact in many sectors and facilitating employment, regional trade and cooperation.”
STLC Director General Sergey Khramagin commented: “The Lavna project is receiving a growing support from investors and the banking community. The BSTDB loan will enable us to actively proceed with construction works at the complex. Importantly, the project will generate new jobs in that remote region of Russia. Over thousand people are already engaged in the construction works, with a similar amount of new jobs to be created after the terminal’s completion.”
State Transport Leasing Company (STLC) is the largest leasing company in Russia. Its principal activities are the leasing of air transport, sea and river vessels, railway vehicles, trucks and special equipment for domestic enterprises of the transport industry. The company also carries out investment activities in order to develop the transport infrastructure of Russia. The sole shareholder of the company is the Russian Federation represented by the Ministry of Transport of the Russian Federation. STLC has double B credit ratings from three leading international rating agencies, as well as a national scale rating “A + (RU)” from ACRA. As of December 31, 2018, the company's leasing portfolio exceeded RUB 927 billion.
STLC Press Service:
+7 495 221 0012
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org
Twitter: @BSTDB