Russia: BFC Group Gets OK for Land Reclamation Project
The Baltic Fuel Company Group (BFC) has received approval and permits from the St. Petersburg City Administration for creation of artificial lands of Turukhtannye Islands Oil Terminal.
St. Petersburg City Administration has approved area planning documentation of land reclamation for expansion of Marine Oil Terminal “Turukhtannye Islands” based in the seaport Big Port St. Petersburg. The project investor is BFC Group. Thus, BFC was given the green light to start building of an artificial land area of 1.43 hectares.
Currently, the terminal territory encompasses 7.3 hectares including two berths for handling oil products with annual throughput of 500,000 tonnes of products(the 2013 year-end figure).
The BFC Group’s investment program includes the overhaul and modernization of the Terminal, which will help to increase substantially the facility’s capacity. The expansion plan will reportedly enable the Terminal to handle at least 1.7 million tonnes of products in 2015-2016. As from 2017 the facility is expected to transship 2.4 million tonnes a year, and from 2020 – up to 4-5 million tonnes of oil products.
The project also includes launching of the 3rd berth, to increase the tank farm storage capacity to 42,000 tonnes.
Investment in the project is estimated at $ 110 million.