In 2003 the Novorossisk seaport plans to start implementing the project aimed at the construction of a deepwater oil loading terminal and the extension by 240 meters of Number 1 pierce of the western part of the port. The project amounts to some $100m, the press service of the Novorossisk seaport reported. It is expected that the port will invest its own funds and attract some investments in the construction.
The project has been considered at a meeting of the administration of the port, representatives of regional authorities and the deputy transportation minister. During the discussion it was decided to allocate some funds of the port's budget in 2003 for this project.