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Vera Port is a coal maritime terminal near Cape Otkytiy in Primorsky region, Russia.
The terminal completed construction of a large 20 million tonne expansion in August 2022.. The terminal has a capacity of approximately 25 million tonnes when fully operational. Plans for the terminal are connected to development of mining operations at Russia's Sugodinsk-Ogodzhinsky coal deposit.
In December 2013, Russian state technology conglomerate Rostec announced its plans to build a coal port in Russia's Far East. The project cost has been estimated at US$1 billion. About half of the funds would be spent on the construction of the transport infrastructure.
In September 2014 Rostec and China-based Shenhua Energy said they planned to invest up to US$10 billion in a coal mine project along with the coal terminal, mining the Ogodzhinsky coal deposit in the Amur region. Construction on the terminal was planned to begin in 2015 and become operational in 2018-2019.
In 2017, Shenhua Energy withdrew from the partnership, leaving control of the enterprise in the hands of Vostokugol, owned by Russian businessmen Alexander Isaev and Dmitry Bosov, and Port Vera Holding (PVC), owned in part by Rostec.
The first stage of the Port began operating in 2019. Its initial capacity was less than 7 million tonnes per year, although the exact figure was not disclosed. In its first year of operation, the port handled 1.35 million tonnes of coal. At the end of 2019, more than 7 billion rubles (approximately US$113 million) had already been invested in the project. In total, planned investments until 2023 amounted to 15.4 billion rubles. All investments were made from the investors' own funds.
In January 2021, a spokesperson for the terminal stated that by the end of the year the terminal's capacity would amount to 7 million tonnes. They expected the terminal to reach its design capacity of 20 million tonnes in 2022. An October update pushed back those dates: 7 million tonnes was now targeted for 2022, and 20 million tonnes listed as "long-term plans". Also in October 2021, Elgaugol, a subsidiary of A-Property, took control of operations at both the port and the Ogodzha mining project.
In April 2020, Dmitry Bosov fired his partner Alexander Isaev from the Vostokugol partnership due to claims of embezzlement. A month later, Bosov committed suicide. This triggered a corporate conflict emerged around ownership of the Vera Port. Ultimately, in January 2021, Bosov's heirs decided to sell their 50% stake in the Vera Terminal to Port Vera Holding (PVC) and Ogodzha, giving those entities 100% control over the port. The 50% stake was sold for 10 billion rubles (approximately US$133 million). PVC's owners included Rostec (25%) and two Russian businesspeople, Ekaterina Lapshina and Dmitry Novikov, who each own 37.5% stakes. Ogodzha was owned by Rostec (25%) and Lapshina (75%).
In February 2021, Lapshina and Novikov agreed to transfer their ownership shares to Rostec, giving it full control over both Port Vera and the Ogodzha mining project. The amount of the transaction was not disclosed. Then, in March 2021, A-Property acquired 75% control of both the port and the mining project.
- Owner: Rostec (25%), A-Property (75%)
- Location: Primorsky Krai, Russia
- Coal Capacity (Million tonnes per annum): 27
- Status: Operating (capacity expansion underway)
- In Service: 2019
- Type: Exports
- Source of Coal: Ogodzhinsky coal deposit, Russia
Articles and Resources
- Construction of coal terminal Port Vera completed with positive conclusion obtained from ad hoc regulator, PortNews, August 2022
- "Sea Ports of the Far East of Russia. Modern State and Prospects for Development," FSUE Rosmorport presentation, date unknown
- "Rostec and Shenhua partner for coal port in far eastern Russia," Port Finance International, Sep 5, 2014
- "Construction of coal port Vera to require $1 billion," Steel Orbis, July 1, 2014
- «Ростех» и партнеры решили увеличить долю в порту Вера, RBC, Aug. 6, 2020
- «Ростех» собирает партнеров в уголь, Kommersant, Feb. 24, 2021
- Сергей Мингазов, «Эльгауголь» взял под управление порт Вера и Огоджинскую угольную компанию, Forbes (Russian), Oct. 10, 2021
- Объемы перевалки угля в Приморье растут ежегодно - обзор рынка (ИНФОГРАФИКА), Prima Media, Apr. 24, 2020
- «Порт Вера» завершит монтаж закрытого вагоноопрокидывателя до конца года, Port News, Nov. 13, 2020
- Наследники Босова продали «Ростеху» и партнерам порт и угольный проект, RBC, Jan. 26, 2021
- «Эльгауголь» взял под управление порт Вера и Огоджу, East Russia, Oct. 11, 2021
- Приморский порт "Вера" перешел под управление "Эльгаугля", Prima Media, Oct. 11, 2021