Japanese conglomerate Mitsui & Co, Ltd has acquired an 80% share in the Latvian port operator SIA Rigas Universalais Terminals (RUT), reported news2biz LATVIA.
The sale was carried out through Mitsui’s subsidiary Portek International Pte, and the sum of the deal reached EUR 21m.
RUT is a multi-purpose terminal operating at the Freeport of Riga, which is the busiest port in Latvia. In particular, Mitsui stresses that the port accounts for 70% of Latvian exports of wood products, such as lumber, furniture, wood pellets and wood chips; timber traditionally is the strongest Latvian export.
Mitsui sees Latvia and Riga as a springboard to the Eastern European market. Latvia has railway connections to Russia and Belarus and, through them, to CIS countries such as Ukraine, Kazakhstan and Uzbekistan.
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