Support The Moscow Times!

Mechel Wins Vanino Port

Debt-laden mining and steel company Mechel won 55 percent of the Pacific port of Vanino by offering the highest bid of 15.5 billion rubles ($492 million) in a tender, VTB bank, the sale's organizer, said on Friday.

It said the final bid was 10 times higher than the initial offer.

Vanino, located on Russia's Pacific coast near the regional capital of Vladivostok, is one of several ports vital for the export of Russian coal and metals to Asian markets. Infrastructure constraints are a major challenge to boosting exports and port capacity a key competitive edge.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.