RZHD to invest in the Gulf of Finland ports

By 2010 Russian Railways (RZHD) will invest 25bn rub. in the expansion of approaches to the Ust Luga Port and other ports on the sourhtern coast of the Gulf of Finland, the company informed.
It is assumed the cargo turnover in Ust Luga Port will reach 36mln ton by that time. This year 5.4bn rub. will be invesed; next year 5.9bn rub. Now Ust Luga BOD involves 2 representatives of RZHD and RZHD president adviser.
Ust Luga was set up in 1992 as consumer of the Ust Luga Port building. The project stipulates the deepening of the port territory to provide the servicing of the dry cargo carrier with 75ths ton in the deadweight.
The 2006-net profit (RAS) rose 7.3 fold to 22.796mln rub.; net profit in 2007 is expected to be down to $4.98mln against prior year figures.
In 2006 RZHD bought back 8.5% in Ust Luga (5272 stocks of 500 rub. par) for 184.52mln rub. RZHD was set up on the basis of the communications ministry as a wholly owned government company. The 2006-net profit increased to 26.3bn rub. or 2.7 fold against prior year figures (9.7bn rub).