Sukhodol Terminal

From Global Energy Monitor

Sukhodol Terminal is a coal export terminal under construction in Primorsky Krai in Russia's far east.

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Background

The bulk terminal is being constructed by Sukhodol LLC at Sukhodol Bay in Primorsky Krai, Russian Far East. The terminal is planned to have a capacity of 20 million tonnes per year and will be used for coal exports from SDS-Ugol Holding Company's mines to Russia’s Asia-Pacific markets, including China, India, Korea and Japan.[1]

In February 2014 Russia’s Volga Group acquired a 50% stake in Sukhodol LLC. Volga said that construction of the first stage is scheduled to be completed by 2016. The second and third stages are scheduled to take place between 2019 and 2021. The project is being implemented in partnership with the SDS Holding Company.[1]

In early 2016, the project was put on hold due to an inability to secure financing. Construction resumed in 2017 when SDS-Ugol Holding Company JSC took 100% ownership of the port's project company, Sukhodol LLC.[2]

In August 2020, dredging at the port was underway and was expected to be completed by the end of 2020.[3] In December 2020, project promoters predicted that phase 1 of the port, with 12 million tonnes of capacity, would be operational by October 2021, and that annual traffic would reach 12 million tonnes by 2024.[4] The developers have also stated that capacity could eventually be increased to 20 million tonnes per year.[5]

As of November 2021, there are no indications that the port has begun operations; the port appears to still be under construction.

Financing

In September 2020, two Russian state-owned banks announced that they would provide loans for the project. VEB (formerly Vnesheconombank) provided 5 billion rubles (approximately US$67.5 million) in loans, and VTB Bank provided 27 billion rubles (approximately US$365 million). Prior to this transaction, the owners of the project - SDS-Ugol, Russian Railways, Port Infrastructure Development Center, and businessperson Vladimir Gridin, each of whom owned approximately 25% - all pledged their stakes to VEB and VTB as collateral on the loans, giving the two banks full control of the project.[6][2]

Project Details

  • Sponsor: Sukhodol LLC
  • Owner: SDS-Ugol; Russian Railways; Port Infrastructure Development Center; Vladimir Gridin
  • Location: Primorsky Krai, Russian Far East
  • Proposed Coal Capacity (Million tonnes per annum): 20
  • Status: Construction
  • Projected In Service: 2021
  • Type: Exports (Asia-Pacific)
  • Source of Coal:
  • Cost: 32 billion rubles (approximately US$432 million)
  • Financing: VEB and VTB Bank

Articles and Resources

Sources

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External resources

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