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08.05.2008 15:55:17
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The Supervisory Board of Port of Tallinn approved investments for construction of the first stage of Muuga Harbour eastern part extension
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In its today's meeting the Supervisory Board of Port of Tallinn approved the project according to which the company plans to invest EEK 860 million (EUR 55 million) into the first stage of Muuga Harbour eastern part development. The first stage of Muuga Harbour eastern part extension covers a 27-hectar size additional territory and construction of a 400-meter long quay-line into Muuga Harbour eastern part, enabling to handle containers of up to 500 thousand TEU. According to Neinar Seli, the chairman of the Supervisory Board of Port of Tallinn, there no longer exist factors dominating at the increase of transit in the near past and therefore new products and services need to be found for competing in global supply chains. "Taking into consideration developments in international trade in the entire Baltic Sea region, we must mainly concentrate on container transport and car transit," Seli noted. According to Seli, the Supervisory Board of Port of Tallinn has analyzed different container transport growth forecasts in the Baltic Sea region and found sufficient guarantees for handling of up to 500 TEU containers to continue the given project in Port of Tallinn. "This investment is targeted at the satisfying of the growing demand of the container market of both the Estonian domestic container market as well as the container market of other Baltic countries in the north-south direction," Seli added. In respect of further extension of Muuga Harbour the Supervisory Board of Port of Tallinn plans to conduct additional studies on the wider impact of the project on entire Estonian infrastructure and get more specific guarantees on cargo volumes from possible future cooperation partners. The Supervisory Board of the Port will continue the discussion of Muuga Harbour eastern part construction in the fall this year. Additional information: Neinar Seli Port of Tallinn Chairman of the Supervisory Board Phone: 6 318 002