Murmansk Commercial Seaport in Russia will be acquired by businessman Gennady Timchenko for $250m.

The deal is expected to be closed in the first quarter.

The coal export terminal is controlled by a group of private investors and has a monthly capacity of about one million tons.

The major suppliers to the port include Siberian Coal Energy Company, Italy’s Coeclerici and Russia’s Mechel, according to Reuters.