The Supervisory Board of Port of Tallinn approved investments for construction of the first stage of Muuga Harbour eastern part extension

In its today's meeting the Supervisory Board of Port of Tallinn approved the    
project according to which the company plans to invest EEK 860 million (EUR 55
million) into the first stage of Muuga Harbour eastern part development. 

The first stage of Muuga Harbour eastern part extension covers a 27-hectar size 
additional territory and construction of a 400-meter long quay-line into Muuga  
Harbour eastern part, enabling to handle containers of up to 500 thousand TEU.  

According to Neinar Seli, the chairman of the Supervisory Board of Port of      
Tallinn, there no longer exist factors dominating at the increase of transit in 
the near past and therefore new products and services need to be found for      
competing in global supply chains. "Taking into consideration developments in   
international trade in the entire Baltic Sea region, we must mainly concentrate 
on container transport and car transit," Seli noted.                            

According to Seli, the Supervisory Board of Port of Tallinn has analyzed        
different container transport growth forecasts in the Baltic Sea region and     
found sufficient guarantees for handling of up to 500 TEU containers to continue
the given project in Port of Tallinn. "This investment is targeted at the       
satisfying of the growing demand of the container market of both the Estonian   
domestic container market as well as the container market of other Baltic       
countries in the north-south direction," Seli added.                            

In respect of further extension of Muuga Harbour the Supervisory Board of Port  
of Tallinn plans to conduct additional studies on the wider impact of the       
project on entire Estonian infrastructure and get more specific guarantees on   
cargo volumes from possible future cooperation partners. The Supervisory Board  
of the Port will continue the discussion of Muuga Harbour eastern part          
construction in the fall this year.                                             

Additional information:                                                         

Neinar Seli                                                                     
Port of Tallinn                                                                 
Chairman of the Supervisory Board                                               

Phone: 6 318 002