PRESS: STLC may buy stake in Vitino terminal in Karelia

MOSCOW, Dec 23 (PRIME) -- Russia’s State Transport Leasing Company (STLC) may become a shareholder of the republic of Karelia-based oil product terminal Vitino, Kommersant business daily reported on Monday citing the company’s CEO Sergei Khramagin.

STLC will begin its program to manage infrastructure facilities with the port. The company’s board of directors approved establishment of STLC-Vitino joint venture for the project, a source said, and the CEO confirmed the information.

“We will examine the situation until February to prepare the assessment of the payback period, and a final decision will be made then,” Khramagin said.

A small company with a charter capital of 1 million rubles will be set up for development of the port, and “the project may turn into a serious deal” later, the CEO added.

Khramagin also said that the current owners of the port are undergoing bankruptcy, and the procedures will be finished until the end of June 2020.

“The project is to be developed similar to the Lavna port with STLC entering it, developing it, pushing it to the ‘ideological end’ to finally reduce its share and sell it off to investors,” the CEO also said.

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