Special Economic Zone (SEZ) of industrial and production type, ‘Ust-Luga’ is to appear in the Leningrad Region. One of the world’s largest gas processing plants is to be built within its territory. An Order on establishment of a new SEZ has been signed by Prime Minister Mikhail Mishustin, according to the press center of RF Government.
The plan foresees the construction of a plant for production of liquefied natural gas (LNG) and a gas chemical complex. Total investments into those projects are estimated at RUB 2.2 trillion. They will ensure employment of 5,600 people and considerable increase of gas processing and polyethelene production in Russia.
The reasons behind establishing a special economic zone there are as follows: Ust-Luga is the largest and the deepest port in the Baltic Sea. It can accommodated large capacity ships. Besides, the Leningrad Region has a well developed energy infrastructure with Leningrad – Kohtla-Yarve and North Stream 2 pipeline crossing its territory.
It should be noted that special economic zones are generally aimed at the development of industry, high-tech sectors, tourism and port infrastructure. As SEZ residents, businesses enjoy certain privileges.
“The decision we had been expecting has been made. A special economic zone has been established in the Kingisepp District which offers new opportunities for the development of the entire region,” Leningrad Region Governor Aleksandr Drozdenko wrote on his Telegram channel.
Related links:
Limits of Ust-Luga port amended >>>>
More energy for Russian ports>>>> Ministry of Economic Development plans to create a SEZ in the area of Port of Ust-Luga >>>> Contractual documents signed to implement project for Gas Processing Complex near Ust-Luga >>>> ЕРС contract signed for natural gas liquefaction plant within Gas Processing Complex near Ust-Luga>>>>