“We chose an industrial site, which has access roads. Now the design work is underway … Currently we are at the first stage – we obtained the permission, started the design work and completed the technological part, now we will focus on the working draft in detail. We plan to start the construction this year and complete it next year,” Panin said at the East Russia Oil and Gas forum, which kicked off earlier in the day in Vladivostok.
The Asia-Pacific market has a great potential for Russia in terms of diversifying its LPG supplies as currently it is delivered mainly to the countries of the Mediterranean region and Turkey, the CEO noted.
“The terminal will be a unique technological project for the development of the Far East region and will expand the export market for the Russian LPG manufacturers by the optimization of costs and logistics as well as by the route optimization to the nearest regions of consumption – Japan, South Korea and China,” Panin added.
Effective since October 12, 2015, the Vladivostok free port is active across 15 Primorsky Territory municipalities. It allows for the establishment of special regulation procedures for a range of industries in Vladivostok. A free port has the right to perform duty-free import and export of goods and is excluded from the state customs territory.