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Business news, 09.01.2004 16:05

Leningrad region “disturbs” port projects

Port in the Leningrad region The Leningrad Regional Administration has “disquieted” two big projects for construction of ports in the Leningrad region, since the officials have found the project in Batareinaya Bay “useless”. The construction of a terminal in Vistino settlement might also lead to a change in its investor due to the tender called by local authorities.

“Investitzii I Organizatziya Sistemy – INOS” (Investments and System Design Company), headquartered in the town of Kingisepp, was specially established to work on the port construction in Vistino. Since 2000 the company has been designing technical and economical support of the project worth $150 million for construction of a terminal with annual capacity of 10 million tons. The Estonian company “Pakterminal” is expected to invest in construction of a port that will transship black oil and diesel fuel.

In the words of Oleg Zaruev, as soon as the ready-built terminal gains the full capacity of 10 million tons a year, the volume of its all-budget allowances will be about $15 million a year.

Moreover, the building plans stipulate the construction of a station and a branch line with a length of 15.7 kilometers at a total cost of $16 million. Furthermore, to stretch an electric power line it will cost $3 million.

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