The main role of the port will be the transhipment of aluminium and alloys and the chief goal of the project will be the development of a deep water port on the Taman Peninsula.

The deal between the three parties will be signed at the Xll International Investment Forum Sochi – 2013.

For Rusal, the project will create an alternative to existing port capacity at Azov and Black Sea ports at Novorossiysk and Temryuk, from where the company exports its metal.

The project fits in with Rusal’s long-term strategy to reduce operating costs and ensure transport security through ‘logistics optimisation’.

Vladislav Soloviev, Rusal’s first deputy CEO, said that Rusal was eager to take part in the project because of its appealing principles. “It will allow the company to form one of the most effective ports in the South of Russia and, as a result, provide shippers with a controlled quality of stevedoring,” he said.

Cargo turnover at the new port is estimated to be 95Mt/yr and construction will start towards the end of 2013 or early 2014. It is expected to be completed by 2020.