Gulftainer secures landmark agreement to co-develop and operate Ust-Luga Port, Russia

Gulftainer, the privately owned port operator based in the United Arab Emirates, has secured a landmark agreement to co-develop and operate Ust-Luga Port near St. Petersburg in Russia.

Gulftainer is expected to invest more than US$275m into the terminal venture for development. Ust-Luga is a key port gateway into the heart of Russia’s buoyant Baltic Western region and will provide an alternative to the relatively congested St. Petersburg Port.

Badr Jafar, Vice Chairman of Gulftainer commented, "This is another big step for the Gulftainer Group as we expand our global footprint into the most dynamic region of Russia. As the country’s vast potential is increasingly realised the Baltic Western region will play a vital role, handling as it does around 60% of Russian container volumes".

Volumes through the Baltic have risen dramatically in recent years but there is huge scope for growth as the ratio of containers handled to population is still only 30 per 1,000 people in Russia compared with 168 per 1,000 in the EU.

Gulftainer aims to handle 170 m tons of cargo at the Ust-Luga Port when it is fully developed.

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