Russia's Ust-Luga port container terminal project mothballed

St Petersburg: Russian container shipping giant Fesco has pulled out of a container terminal construction project at the country Ust-Luga port. According to news reports, Fesco is said to have made the decision due to difficulties funding the project.

The terminal, which saw construction begin in 2007, would have boasted a capacity of 3m teu per year upon completion. The project is now likely to be suspended until a new backer can be found. The port remains active, particularly for Russian oil exports.  [05/08/09]