Novorossiysk Commercial Sea Port has announced the parameters of its development strategy until 2029.
The basic scenario envisages developing handling facilities in the boundaries of Novorossiysk. Taman is not mentioned.
Investment until 2029 is projected at a level of 108.4 bn rubles ($1.7 bn) including 63.3 bn ($989.9 mn) for reconstructing and modernizing the existing facilities and 45.1 mn rubles ($705.3 mn) for business projects.
Investment is aimed for expanding the container terminal in Novorossiysk and developing the mineral fertilizers terminal, the Novorossiysk Shipyard universal terminal and the vegetable oils terminal. The handling capacity is expected to increase by 21.8 mn tons.
According to NSCP, investment decision on every project will be taken after careful consideration.
Crude oil and oil products will remain strategic cargoes for NCSP, alongside with coal, petroleum coke and ferrous metals.
NSCP also sees growth opportunities in the auxiliary fleet segment (tugs, bunkering barges, passenger cutters, environmental fleet and firefighting vessels), value-added services (stuffing and packaging) and shiprepair.
The group intends to pay no less than 50% of its IFRS net profit as dividends to its shareholders.