OKKO Group plans to invest up to $3 million in the Kherson crude oil transshipment terminal acquired in January 2021.

"According to preliminary estimates of our experts, the amount of investment in the modernization of the terminal could be up to $3 million," the press service of the OKKO group said, quoting Vice President Yuriy Kuchabsky.

The OKKO said that the acquisition of the terminal will help create a powerful logistics base for more efficient and mobile fueling of gas stations in the south and east of Ukraine. In addition, OKKO is taking a major step in diversifying fuel sources.

"Having our own port capacity, we get direct access to the Mediterranean market of petroleum products. And in favorable conditions we can increase the volume of fuel imports to Ukraine from Greece, Bulgaria, Turkey, Turkmenistan and other countries. This is about 150,000-200,000 tonnes annually," Kuchabsky said.

The Kherson crude oil transshipment terminal consists of an oil rig, where tankers are unloaded and oil products are stored, as well as an oil depot that has access to the railway infrastructure. The facilities are connected by an oil pipeline.

According to the company's estimates, first of all, it is necessary to overhaul the tanks at the facility with the replacement of shut-off and breathing valves; install fire-fighting equipment, gas equalization system; replace the filling station with modern automated equipment.

Modernization will make the operation of the oil transshipment terminal safe and efficient, bring it in line with international standards.

The press service reminded that in the summer of 2020, two credit lines of $35 million each were opened for OKKO by the European Bank for Reconstruction and Development and the International Finance Corporation. The company plans to spend part of these funds on the reconstruction of the oil transshipment terminal in Kherson. The implementation of the project will also help create new jobs in the region and increase tax revenues to the local budget.