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Wednesday, 04 February 2015

Gdansk oil terminal ahead of schedule for 2016 launch

State-owned Polish energy developer PERN Przyjazn expects that construction of its new crude oil terminal in the Baltic port of Gdańsk could be complete as early as the start of next year.

The new terminal is expected to store 375,000 cubic metres of crude oil and another 325,000 cubic metres of other chemical products once completed.

“First revenues should start flowing at the beginning of 2016; initially we are counting on around a dozen percent, although it won’t be until 2017 that the terminal will be able to operate at full capacity.”” Marcin Moskalewicz, chairman of PERN commented.

Construction of the site started in 2014 with two distinct phases planned. The first phase will add six oil tanks with capacity of 62.5 thousand m3 while the second stage will see installation of fuel and chemical storage determined by market needs. The total cost of construction is expected to be approximately $224 million

“Even though it is a large investment and the first one of its kind in the country, […] we are one month ahead of schedule. We haven’t had any technical delays, so we are expecting delivery at the end of 2015.” Moskalewic said.

The new terminal is the first crude terminal of its kind in Poland and one of only 16 such terminals in the world.

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