Two new companies to be set up under reorganization of Company Ust-Luga OJSC

Reorganization of Company Ust-Luga OJSC will result in setting up of two new companies: Ust-Luga Design & Engineering Company OJSC and Portzhilstroi OJSC, Valeri Izrajlit, Chairman of Company Ust-Luga BOD, told reporters yesterday. According to Izrajlit, Ust-Luga Design & Engineering Company is to be set up for integrated development of the territory adjacent to the port. “Besides other tasks the company is to be responsible for development of a number of clusters directly related to port activities: industrial production, logistics & storing, residential and recreational zones,” Izrajlit said. The other company, Portzhilstroi OJSC is to implement the project on construction of a new city with a built-up area exceeding 1 million km2. According to Izrajlit, as of today 100% of both companies are owned by Company Ust-Luga.