279 billion RUB for port development
A total of 279 billion RUB (7.6 billion EUR) will be spent on sea port development in Northwest Russia by year 2015, the government Marine Board decided last week. The investments will help channel Russian shipping away from ports in the Baltic states
A major part of the money is believed to be invested in Murmansk, which is likely to develop into a new vital shipping and petroleum hub. In its meeting on 5 July the Marine Board decided that the federal budget will account for 76 billion RUB of the sum. The rest will be invested by commercial structures. 120 billion RUB will be invested in infrastructure leading to the sea port, partly in railways, roads and pipelines, Murman.ru reports. In Murmansk, the investments will increase local port trade turnover to 50 million tons by 2015. Also the port of Kandalaksha will be upgraded to an annual turnover of 1,5 million tons, Transport Minister Igor Levitin said. The port investments will lead to a major increase in the amount of oil products reloaded in Northwest Russian ports. From before, the Port of Sankt Petersburg remains the by far biggest port in the region followed by the Port of Murmansk.
