Siberian Business Union (SBU) and Kuzbassrazrezugol are to invest more than $200 million in phase 1 of the Murmansk coal port project. Each will provide 50% of the finance, with the return dependent on the future state of the coal market, which could mean waiting up to ten years.

The port, which will be built on the West Coast of Kola Bay, will take three years to build and will have a capacity of 80 million tonnes annually. As part of the overall plan, an electricity sub-station will be put in place, along with a new railway station to serve the port at Lavna.

The aim of the port is to increase the movement of coal consignments to Europe, although shipments currently also go to China, Korea and Japan.