SUEK owned by Andrey Melnichenko plans to invest approximately $760m in the Far East of Russia in the years to come
The main beneficiary of SUEK, Andrey Melnichenko, told the journalists at the Eastern Economic Forum that in 2018-2023, the company plans to invest approximately $760m in the Far East.
‘The Far East is our gateway to the Pacific basin. The decision of the presidential commission to expand the railway in the direction of Transsib and BAM is very important in this regard. This decision will allow the beginning of a major investment process, increasing the transhipment capacities both in the Sovgavan and in the Primorye hubs,’ Andrey Melnichenko said.
He stressed that over the past ten years SUEK had invested around $760m in the Far East and planned the same amount for the next six years. Firstly, this investment is related to the expansion of transhipment capacities, mainly in the Khabarovsk region: the expansion of the Daltransugol terminal capacity to more than 40 million tonnes, as well as the port upgrade in Nakhodka.
The second investment area is the development of production. At present, the project of increasing the capacity of Urgalugol from 6.5 million to 10 million tonnes is already underway with the prospect of further growth to 15 million tonnes.
According to Andrey Melnichenko, a total of $760m will be spent on SUEK’s projects in the Far East in the coming years.