The Russian mineral fertilizer manufacturer EuroChem has launched a terminal at the Port of Sillamäe costing approximately €70 million, which can process one million tonnes of ammonia a year and could increase Estonian rail transit by a tenth, Posimees reported on Tuesday.
The transhipment terminal at Sillamäe terminal will start operations in the summer and load the ammonia produced at Kingisepp, 25 kilometers from the Estonian border in Russia, which will then be taken to plants in Belgium and Lithuania.
The Foreign Investment Center of Enterprise Estonia said the €70 million investment is expected to be the largest foreign direct investment in Ida-Viru County. Erik Laidvee, Chairman of the Management Board of Eesti Raudtee, said when the plant becomes fully operational and handles one million tons of ammonia per year, transit traffic could be increased by ten percent.
EuroChem Group AG, headquartered in Zug, Switzerland, calls itself the world's largest producer of mineral fertilizers and is owned by Russian billionaire Andrei Melnichenko, whose assets are valued by Forbes at $14.3 billion, making him Russia's eighth-richest and 90th-richest man in the world.
Editor: Helen Wright