Three agreements on investment into the port of Ust-Luga for $1billion will be signed at Sochi Forum, acting First Deputy Prime Minister Sergei Ivanov told an economic forum in Sochi, RIA Novosti reports.
Ust-Luga port is located at the south of Ust-Luga Bay of the Gulf of Finland. In 2006, the port’s throughput totaled 4.5 million tonnes, while by 2010 it is planned to be raised to 36 million tonnes per year. All in all there will be over ten transshipment terminals in Ust-Luga. The customer-developer of the commercial seaport of Ust-Luga is Company Ust-Luga OJSC. Under contract with the RF Ministry of Transport the Company is entitled to take independent decisions as regards financing, designing, construction and maintenance of the port of Ust-Luga with attraction of state and private investments. In December 2006, 8.5% of the company’s stock was purchased by Russian Railways OJSC. The largest shareholders of the company are Leningrad Region (25% of shares + 1 share), Absolut Group of Companies (about 16%), Novyje resursy CJSC (about 21%) and off-shore companies Gramelinko Ltd. and Interalonso Holding Ltd.