Yingkou Port (China) will acquire from Russian Railways 49% of the share capital of Bely Rast logistics centre near Moscow on the basis of an open competition, announces Russian Railways’ press release.
This is provided by the cooperation agreement signed by the President of Russian Railways (RZD) Oleg Belozerov and the CEO of China Yingkou Port Group Corporation Lee Hechzhun on 7 November 2016 in St. Petersburg. Under the agreement the parties will contribute to the active implementation of the project to create an international terminal and logistics centre on the basis of TLC Bely Rast. The agreement is an extension of a Memorandum of Understanding between RZD and Yingkou Port of last year establishing the parties as strategic partners with an interest in the joint development and management of logistics centres and international multimodal transportation.
In April, 2016 RZD announced an open tender to sell 49% of Bely Rast with the starting price of RUR 2 bln (apprx. USD 31mln) and the requirement for the buyer to provide a loan of RUR 7 bln (apprx. USD 110 mln) to Bely Rast management company. The deadline for bids was postponed several times and later the tender was cancelled. However, in autumn the tendering process was renewed with softening requirements and the starting price of RUR 1.99 bln.
Commenting the news, RZD first Vice President Alexander Misharin said that the acquisition deal will be financed and closed next year. Yingkou Port will pay over RUR 2 bln and will not provide the loan.
TLC Bely Rast is a railway terminal and multi-functional logistics centre 50km north of Moscow being built by a subsidiary of RZD. The decision for construction was taken in 2010 in line with the programme of RZD to develop a network of modern logistics centres in Russia, the cost was estimated at RUR 23 bln. At the site of 180 hectares it is planed to construct a container/contrailer terminal, a yard for heavyweight, OOG and dry bulk cargoes, a car terminal and a warehouse. In August, 2015 a terminal for handling bulk minerals with an annual capacity of 2.4 mln tonnes was opened.
