The Belgian transport engineering company Sarens has agreed to double a planned investment to modernise the port of Hamina in southeast Finland.
The deal builds on a 2016 agreement between Sarens and Tengizchevroil (TCO) — a consortium of oil companies operating the Tengiz oil field in Kazakhstan — to build a trans-shipment base in the Finnish coastal city. The new port in question would primarily be used for offloading cargo from ocean-going vessels.
TCO has entrusted Sarens with the transportation and installation of oversized pre-assembled equipment for a new plant designed to increase the production capacity of the existing Tengiz refinery.
Planned investment doubles
Sarens had originally planned to invest about 20 million euros in the Hamina harbour area, but a recent decision was made to up the amount to more than 46 million euros. Sarens plans to send approximately 150 of its own logistical experts to Hamina to supervise the project.
The investment doubled following plans to purchase a large warehouse in the harbour area and demolish it to make room for storing pre-assembled equipment for the Kazakhstan refinery. HaminaKotka Ltd says it has already invested about three million euros in the port’s infrastructure.
The first shipment of modules – which are as tall as a three-storeys building – will arrive in Hamina on Monday.
The entire project to update the Tengiz oil field carries an over 32 billion euro price tag. The massive international project has many players involved, including the nation of Kazakhstan, TCO (owned in part by Chevron and ExxonMobil), and the Chinese shipping and transport company Cosco.