FESCO Acquires Far Eastern Port

The transport Group FESCO acquires 100% of shares of M-Port, which controls Vladivostok Commercial Sea Port.

The deal, which will have 2 stages, is to be completed by September, 17. The amount of payments during the first stage will total $90 mln. The amount of payments during the second stage is not reported.

The VMTP development strategy for 15 years is being worked out at the moment. In particular, FESCO plans to complete the construction of the new automobile terminal, which costs $15 mln.

The project of the construction of a new oil terminal with the capacity of 2 mln. t. is also being developed.

The development of container handling at Vladivostok is also planned. Forecasts say, VMTP's container turnover may reach 150 th. TEU in 3-4 years.

An increase of container handling volumes by VMTP by 30% up to 100 th. TEU is expected this year.