Russian port to open this year

Russia's government-owned crude pipeline company Transneft will start loading oil tankers at Kozmino, the newest Russian oil port to be opened, as soon as December.
With eventual capacity of 50M tonnes a year (1M barrels per day), Kuzmino, near Nakhodka in the Russian Far East, will be one of the largest oil outlets for the Asian market. It will be able to load tankers of 150,000-300,000dwt.
Starting this year, rail deliveries of up to 15M tonnes of crude per year (300,000bpd) will be loaded at the port, Igor Demin, spokesman for Transneft, told Fairplay.
Loan and supply contacts already commit 5M tonnes of that (100,000bpd) to China. Transneft and Rosneft recently signed the accords in Beijing with the China Development Bank and China National Petroleum.
Demin revealed that about 3M tonnes of the oil will go to domestic refineries, including a new one in the area. The remaining 7M tonnes (140,000bpd) will be traded on spot or contract terms from Kuzmino, starting at the end of this year.
South Korean buyers have already signalled interest in buying this crude, Demin added.

Source: Transportweekly