Last checked at 24 Sep 2012 15:15
Press release
NCSP Group signs agreement of intent for implementation of investment project in Krasnodar Region
24.09.2012
Novorossiysk Commercial Sea Port PJSC ("NCSP Group" or the "Group") (LSE: NCSP, MICEX-RTS: NMTP) announces that on 21 September 2012 NCSP Group and the Novorossiysk City Administration signed an agreement of intent for implementation of an investment project in the Krasnodar Region. The agreement was signed at the XI International Investment Forum Sochi-2012, which took place 20-23 September 2012.
The subject of the agreement is the implementation of an investment project by NCSP Group and its subsidiary Novoroslesexport to increase its container terminal capacity to 700 ths TEU per year. The total planned investments in the project are currently expected to amount to RUB 6 428 million (including VAT and interest expense). The project, which will be implemented in the municipality of Novorossiysk in the Krasnodar Region, is currently planned to be completed by 1 June 2015.
NCSP Group CEO Rado Antolovic said: "The goal of this project is to increase the capacity the Novoroslesexport container terminal up to 700 ths TEU per year."
The agreement outlines the following activities to be undertaken by Novoroslesexport:
- dredge at Novoroslesexport berths 28 and 28A;
- purchase additional storage equipment;
- purchase a third STS crane and two mobile cranes;
- convert the first district of the Novoroslesexport territory into storage area, and to cover the storage areas of the 1st and 5th districts in order to increase total storage capacity;
- reconstruct and build a third railway line on the 3rd district of Novoroslesexport in order to increase the throughput capacity of the container terminal's railroad.
About NCSP Group
NCSP Group is the largest Russian port operator in terms of cargo turnover. NCSP shares are traded on Russia's MICEX-RTS exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). 50.1% shares of PJSC "NCSP" belong to Novoport Holding Ltd, the beneficial owners of which are OJSC "Transneft" and Summa Group. NCSP Group cargo turnover in 2011 totalled 157 million tonnes. Consolidated revenue according to IFRS in 2011 totalled $1,050 million and EBITDA was $550 million. NCSP Group combines the following stevedoring and other companies: OJSC "Novorossiysk Commercial Sea Port", LLC "Primorsk Trade Port" (since 2011), PJSC "Novorossiysk Grain Terminal", OJSC "Novorossiysk Ship Repair Yard", OJSC "NCSP Fleet", OJSC "NLE", OJSC "IPP", CJSC Baltic Stevedore Company, CJSC "SFP" and LLC NFT (joint venture).
For more information contact:
Public relations: ksenko@ncsp.com;
Investor relations: mborovikov@ncsp.com