26 Jun '08
Azov-based logistics company Azovtransit is investing $150m in construction of a liquefied petroleum gas transshipment terminal in the Azov district of the Rostov Region, sources in the company report.
Yury Golenitsky, the companyís CEO, says the initial cost of the project was $100m, but the company is buying more high-tech equipment for the terminal, which adds to the cost.
Golenitsky also confirms that the company is reaching an agreement with a bank selected as a strategic project investor, and a contract is to be signed in early 2009. He has declined to name the bank in question.
Azovtransit is owned by Regional Industrial Alliance, a group of companies that operates 25 businesses in the Stavropol, Krasnodar and Rostov regions as well as in Moscow.
The companyís chief business lines are industrial and agricultural engineering, logistics services, business management services, and investment.