Ust-Luga developer facing problems

News-in-print

Russia bank VTB has filed a bankruptcy claim against the Ust-Luga Company (ULC), the general developer of Russia’s multi-purpose Baltic port. In 2010, ULC announced plans to complete construction of the harbour’s Yug-2 terminal for general and containerised cargoes. To finance the project, it borrowed RUB600M (around US$20M at 2010 prices) from VTB against the guarantee of St Petersburg’s regional administration, one of ULC’s shareholders.

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