New Terminal Costs 149 MEUR

Estonia’s Tallinna Sadam (Port of Tallinn) signed a cooperation agreement withNingbo Port of China, one of the world’s biggest ports, on the basis of which thecompanies will jointly build a 2.33 billion kroon (EUR 149 mln) container terminal and Chinese goods distribution center at Muuga.

The total investment will amount to 220 million dollars and the new terminal should be completed at the end of 2010 or at the beginning of 2011, boardchairman of Tallinna Sadam Ain Kaljurand said.

Kaljurand said that the agreement was important not just for Tallinna Sadam but for the whole region, as there had so far not been any such direct link between China and Baltic rim countries.

Economic Affairs Minister Juhan Parts said that according to the agreement Ningbo port would not plan any other projects in the Baltic Sea region, sothe Muuga project could certainly get off the ground during that year.

Parts said the plans were to make important investment decisions this year and to decide whether it was necessary to establish any new companies and how to operate the facilities that are to be built.

The minister added that because of the agreement signed today it was probably necessary to revise the Tallinna Sadam investments budget.

According to the joint protocol of intent the new container terminal will be built in the eastern part of Muuga Port. In the first phase the capacity of the terminal will be nearly one million TEU containers a year, the Ministry for Economic Affairs said.

The new terminal will be the first major distribution centre of Chinese goods in the Baltic Sea area and will serve markets of Northwestern Russia, Scandinavia and the Baltic countries.


Source: Estonia Today