Novorossiysk Commercial Sea Port is planning to issue euro bonds worth $300 mn, reports RBK Daily quoting Igor Vilinov, general director of the port.

According to I.Vilinov, it is planned to issue bonds this year within the 5 years. At present the project is being worked out. "Perhaps, the placing will have been realized by the end of the year. It will be decided in May-September," - explains I.Vilinov.

It is planned to invest money into the facilities development of the port. The Novorossiysk Commercial Sea Port is now realizing the three year investment program worth $700 mn, 70% will be done due to the additional resources. Thus, the European bonds placing is one of the possible methods to gain.

In the next future the port does not make plans for other loans. Whether to carry out IPO, will be decided after bonds issued.

Earlier the Russian Ports did not use to issue rubles bonds not to speak about euro bounds. But they can help stevedores to gain. As the head of the Novorossiysk Commercial Sea Port said, it is a good way to find resources due to lower cost and convenient terms. This will allow companies to reduce costs while paying of the debt.