DP World has purchased a 49% stake in NUTEP terminal in Port of Novorossiysk, Russia, for a total consideration of US$330 million.

According to sources, the deal is waiting on approval from a government commission on foreign investment.

This transaction comes as a result of the increase in DP World’s revenue and profit. The company's profits increased by more than $200 million in 2015.

In late March, Alex Papusha, NUTEP’s director of operations, announced that the container terminal in the Novorossiysk seaport will double its capacity in the coming years through the building of a new modern berth for mega-ships with capacities of 10,000 twenty-foot-equivalent units.

The total project investment is estimated at RUB3 billion (US$45 million). The facilities are scheduled to be operational by 2018.

Traffic at the NUTEP terminal fell in 2015 to 202,600 TEUs (decrease of 24%) as traffic in the fourth quarter fell 22% to 50,650 TEUs, which was similar to the volume recorded in the third quarter.