Hosting of St. Petersburg phase of Tall Ships – 2009 to cost $1.5-2 million

Expenditures for hosting St. Petersburg phase of THE TALL SHIPS RACES BALTIC – 2009 (TSR-2009) will make $1.5-2 million, PortNews IAA learnt at a joint meeting of the Council of Federal Agency for Marine and River Transport and the Marine Council under St. Petersburg Government, from Viktor Olerski, BOD Chairman of North-west Shipping Company OJSC. According to Olerski, synergetic effect from the event is likely to make EUR 10-20 million for St. Petersburg. “It is money to be spent by visitors in a hosting city,” he explained. Olerski thinks about 60-70% of expenses will be covered by St. Petersburg budget, the rest expected from private investors. Sovcomflot OJSC and North-west Shipping Company have made a decision to support the project. About RUR 2.1-2 million is envisioned by St. Petersburg budget for the first half of 2007.