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    Russia allocates investment of 400 mln USD in port of Novorossiysk

    Russia intends to compete with the major ports of the world

    Baku. 12 October. REPORT.AZ/ Russia has allocated investment of 400 mln USD for the expansion of the Novorossiysk port. 

    Report informs, information about this issued by Maritime Administration Fort Lauderdale.

    According to information the allocated amount will be spent on building shipyard in 2020 for 10,000 20-foot (TEU) containers.Thus, Russia is going to compete with the major ports of the world and to increase the volume of containers arriving at the port by 15%.

    Shipyard in the port of Novorossiysk is the second largest in the country, to date, it can be placed at the same time to 6000 TEU, after the implementation of the project, this figure will reach 10 thousand.

    Russia hopes to lay the railway line to the port and the construction of road junction, as well as redirection of vessels from the Ukrainian port Yuzhny and Ilyichevsk.

    Falling oil prices and depreciation of the ruble, as well as the sanctions have meant that this year port capacity decreased by 9%.

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