OREANDA-NEWS. On June 09, 2007 Sergei Ivanov, Russia’s first Deputy Prime Minister, and Vladimir Yakunin, President of Russian Railways, took part in the opening ceremony of the Company’s loading complex at the port of Ust-Luga, reported the press-centre of Russian Railways.

In 2007, Russian Railways began implementing a major investment project to reconstruct the section between Mga, Gatchina, Veimarn and Ivangorod and the rail approach routes to ports on the southern shore of the Gulf of Finland to cope with the growing freight traffic arriving at Ust-Luga.

“The development of the port is a major economic project. A co-financing mechanism is provided for, as well as state and private involvement – especially that of Russian Railways. The port’s development will promote the growth of both the Russian economy and Russian companies. In addition, the government will invest money in the future in order to develop the railway approaches to the port,” said Sergei Ivanov.

Yakunin told a government commission about the progress on implementing the project to reconstruct the section between Mga and Ust-Luga.

According to Yakunin, since the beginning of 2007, around 1,4 billion roubles have been invested, with the Company’s total investment this year to reach 5,4 billion roubles.

However, the scale of the project means it will require further state funding.