OREANDA-NEWS. Novorossiysk Commercial Sea Port Group (“NCSP Group” or “the Group”) (LSE: NCSP, Moscow Exchange: NMTP) today announces that Group companies PJSC “Novorossiysk Commercial Sea Port” and PJSC “Novorossiysk Grain Terminal” have signed a tripartite agreement of intent with OJSC United Grain Company to build a modern, high-tech seed oils storage and transhipment terminal at NCSP Group’s port facilities. The new terminal complex will have a capacity of up to 2 million tonnes per year (import/export).

NCSP Group CEO Rado Antolovic said: “NCSP Group is a leading stevedoring company, and we are always looking to increase our cargo handling volumes. We have territories at Novorossiysk Commercial Sea Port and Novorossiysk Grain Terminal that are suitable for construction of this new terminal and are prepared to make them available. For its part, United Grain Company is prepared to guarantee significant annual volumes of seed oils for the new terminal.”

Under the agreement, United Grain Company intends to export and import seed oils from and to Russia through the Novorossiysk Commercial Sea Port. Total investments in the project are currently planned at around RUB 1.5 billion. United Grain Company plans to start construction of the terminal in 2014, with commissioning scheduled for 2015-2016.