Oil terminal in St. Petersburg to be upgraded by 2035

ST. PETERSBURG, June 4. /TASS/. Petersburg Oil Terminal will undergo modernization by 2035, with a total investment of 6 billion rubles ($81.7 mln), with the agreement to that effect signed at the St. Petersburg International Economic Forum (SPIEF).

"The Petersburg Oil Terminal will be modernized by 2035. <…> The investment will total 6 billion rubles. The project involves upgrading the oil terminal's process facilities and expanding the range of liquid cargoes handled. The investment will be used for the phased renovation of the facility without interrupting its operations," said the press office of the St. Petersburg Committee on Industrial Policy, Innovation, and Trade.

The terminal's upgrade will generate new budget revenue for St. Petersburg and create modern jobs. The clients of the terminal and the shippers are Russian and Belarusian oil refineries, as well as manufacturers of liquid fertilizers, vegetable oils, and base oils for further processing, the press service added.