All agreed loans

Finland. Kemin Satama Oy

Date of agreement: 25 May 2021
Country: Finland
Customer: Kemin Satama Oy
Amount in EUR: EUR 21 million
Maturity: 13 years
NACE sector / loan type: Water transport


Arctic Financing Facility (read more): 100%


NIB provides this loan to Kemin Satama Oy to finance the deepening of the port of Ajos from 10 to 12 metres, including fairway and basin dredging, building a new 400-metre quay, and investing in harbour infrastructure—including technology from ship electrification to sewage and the digitalisation of the harbour.

The expected outcome of the project is an improvement in safety and operational efficiency as well as environmental benefits because of decreased CO2 and other emissions, due to enabling larger and more energy-efficient vessels to enter the port.

NIB allocates the loan project to its Arctic Facility as the port serves the economy of Finland’s Arctic areas. The total project cost is estimated to amount to EUR 42 million.

Kemin Satama provides the quickest route to the northern parts of Finland, as well as to the Murmansk region in Russia, which is the gateway to the Barents region. The main goods passing through the harbour are forest industry-related products, dry bulk, oil, chemicals, and general cargo.

Kemin Satama Oy provides port services such as areal leasing, vessel services, area maintenance, and security services. Kemin Satama is the northernmost general harbour in Finland and consists of three ports: the Ajos port area, the Veitsiluoto port area, and the Oil Harbour, which forms part of the Ajos port. The port is located in the Bothnian bay on the northwest coast of Finland and it was founded in 1869. The company is fully owned by the City of Kemi.

Fulfilment of NIB's mandate

The investment allows for nearly a doubling of the cargo volumes of the port. While the expansion in volumes is significant, especially outgoing volumes, the port expects a small increase in personnel, bringing a significant increase in labour productivity. The port investment is required for Metsä Group’s investment which will have significant implications on regional forestry and logistics activities.

The project will enable larger vessels with lower relative combustion emissions to call at the port. Furthermore, the investments in harbour infrastructure include building the readiness for moored vessels to use shore-side electricity.

Sustainability summary

This is a project with a potentially extensive environmental and/or social impact (category A, read more)

The EIA on the extension of the Ajos Port was completed in 2011, the water permit granted in 2020, and the extended port operations are within the scope of the port’s existing environmental permit.

The most significant negative environmental impact of the planned investments is the impact on water quality due to the increase in water turbidity during dredging and the dumping of dredged material. During the works, turbidity dispersion will be monitored continuously and water quality regularly.

The project is not assessed to have any significant negative impact on the protection values of any Natura 2000 sites.

Press release

NIB lainoittaa Ajoksen sataman meriväylän syventämistä Pohjois-Suomessa


Press release

NIB beviljar lån för att öka farledsdjupet till Ajos djuphamn i norra Finland