OREANDA-NEWS. December 29, 2009. State-owned corporation "Bank for Development and Foreign Economic Affairs” (Vnesheconombank) issued the first tranche for the construction project of a coal terminal with a capacity of 12 million tons of coal per year in the Bay Muchke of Port Vanino (Khabarovsk Territory). The Port of Vanino is focused on the handling of coal from the deposits of Siberian Coal Energy Company JSC to ensure exports to the Asia-Pacific Region (APR), as well as for other coal companies, the bank press service said.
 
Vnesheconombank granted the first tranche of the credit line amounting to 1.5 billion rubles to finance Daltransugol Closed Corporation (subsidiary of SCEC / SUEK JSC, the operator of the future terminal) for the acquisition of technological equipment and payment for construction work. Vnesheconombank and Daltransugol CC had signed a ten-year construction project agreement to provide credit facilities amounting to 4.5 billion rubles.

The construction project for Vanino coal terminal is one of the largest investment projects as well for the development of transport infrastructure of Russia as the Far East, in general, the bank authorities said.

Vanino port terminal with its design capacity is expected to become the major coal port in the Far East region and the second largest in Russia. It’s capacity would allow receiving and handling vessels with a payload capacity of over 170 tons.

Siberian Coal Energy Company (SCEC) is the largest Russian producer of coal and among top seven global coal producers. Last year the company’s volume of production was reported at 96.2 million tons. As of now, SCEC is one of the main exporters of coal: number one in Russia and the seventh in the world. The volume of worldwide sales in 2008 was at 28.2 million tons.