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Port of Tallinn: several investors interested in Paldiski refinery

Estonia's Port of Tallinn is holding talks with several investors over building at the Paldiski South Port a refinery capable of processing 3-6 million tons of crude annually, informs LETA.

"Although the margins to be earned in refining are at present small owing to low oil prices and the market is not favorable, in the longer term quite a few investors take an interest in building the refinery," the state-owned port company's chief commercial officer Erik Ringmaa told BNS.

The refinery would in the future help offset declining freight volumes of Port of Tallinn and enliven the Estonian economy as a whole, Ringmaa said.

Should the project materialize the Port of Tallinn's role would be to ensure servicing of oil tankers. The company plans to build a new quay and dredge the basin at Paldiski if the refinery becomes reality.

But for the time being there are no concrete plans nor an environmental impact assessment report. "Further development of the project depends on strategic developers," Ringmaa said.

Port of Tallinn has been making plans for the Paldiski refinery already since 2011. The Ukrainian company DMSS initially showed interest in the project but the negotiations were suspended and by now it is out of the game, Ringmaa said.

(Source: http://www.baltic-course.com/eng/transport/?doc=116457)


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