First phase of a multi-product transshipment complex in the port of Ust-Luga (Leningrad region) will put into operation in July 2007, Igor Rusu, Director General of Ust-Luga OJSC, told at the press conference Friday. According to Rusu, cargo turnover of the complex will total 1.1 million tons in 2008, while by 2011 it will amount to 4.7. Yug-2 implies transshipment of passenger cars, containers, ro-ro cargo and timber.
Investment of Ust-Luga Company into the first phase of the project is to total RUR 1.7 billion. RUR 0.69 billion has already been spent. Complete development of the project is valued at RUR 8 billion. Rusu added that request for financing has been filed to the Investment Fund of RF. “We have received the approval and now we wait for an investment committee to be held in respect of our issue,” Rusu said.