29.11.2007, 19:38
Basic Element to Invest RUR480 Bln in Development of St. Petersburg
OREANDA-NEWS. November 29, 2007. Valentina Matviyenko, St. Petersburg's Governor, and Oleg Deripaska, Chairman of the Supervisory Board of Basic Element, have signed an agreement on social and economic cooperation to 2015. The agreement provides for the Company and its Russian and international partners to invest 480 billion roubles in projects in the city, the Basic Element press service announced.
According to the agreement, investments will come from the diversified investment company Basic Element itself, as well as its subsidiaries, including Altius Development Company and Glavstroy Corporation.
Most of the funds will be directed to affordable housing construction, as well as infrastructure, roads and bridges. Major Russian and international companies, including Transstroy, Hochtief, Strabag, Bouygues and Egis, will serve as Basic Element’s co-investors and partners.
"St. Petersburg is interested in attracting major and reliable Russian investors who are prepared to commit substantial resources and do not expect quick returns. Such projects are necessary for the city, especially in the construction of new ports, access roads, highways and tunnels, since investments in these areas can only be based on a long-term partnership between the state and the investor," said Governor Matviyenko.
"The city authorities have created convenient and transparent conditions to attract major investments from multinational companies, especially in machine building. Companies with Russian capital would also like to play an active role in the development of the city. Many projects, including transport infrastructure based on Public Private Partnerships (PPPs) and long-term concessions, will be implemented in Russia for the first time ever in St. Petersburg," said Oleg Deripaska, Chairman of Basic Element’s Supervisory Board.
Basic Element's Main Projects in St. Petersburg
Basic Element's main projects in the city are in the construction sector. In particular, Basic Element's subsidiary Glavsstroy Corporation is involved in a number of large construction projects, especially those at Konnaya Lakhta and Northern Valley. These projects will result in at least 5.5 million square meters of additional affordable housing for St. Petersburg.
The company also intends to participate in the tender for the strategic investment project to redevelop Apraksin Dvor in Saint Petersburg as a multifunctional social and business complex.
In addition, the company is about to launch several plants to produce modern construction materials.
Basic Element and its partners Transstroy, Moststroyotryad 19, Strabag, Hochtief, Bouygues and Egis are members of the construction consortia bidding for the Orlovsky Tunnel to connect the left and right banks of the Neva River and the Western High-Speed Diameter (WHSD) motorway in St. Petersburg.
Basic Element is also interested in constructing the Elevated Express, a new type of passenger transport for St. Petersburg, and underground parking.
According to the agreement, investments will come from the diversified investment company Basic Element itself, as well as its subsidiaries, including Altius Development Company and Glavstroy Corporation.
Most of the funds will be directed to affordable housing construction, as well as infrastructure, roads and bridges. Major Russian and international companies, including Transstroy, Hochtief, Strabag, Bouygues and Egis, will serve as Basic Element’s co-investors and partners.
"St. Petersburg is interested in attracting major and reliable Russian investors who are prepared to commit substantial resources and do not expect quick returns. Such projects are necessary for the city, especially in the construction of new ports, access roads, highways and tunnels, since investments in these areas can only be based on a long-term partnership between the state and the investor," said Governor Matviyenko.
"The city authorities have created convenient and transparent conditions to attract major investments from multinational companies, especially in machine building. Companies with Russian capital would also like to play an active role in the development of the city. Many projects, including transport infrastructure based on Public Private Partnerships (PPPs) and long-term concessions, will be implemented in Russia for the first time ever in St. Petersburg," said Oleg Deripaska, Chairman of Basic Element’s Supervisory Board.
Basic Element's Main Projects in St. Petersburg
Basic Element's main projects in the city are in the construction sector. In particular, Basic Element's subsidiary Glavsstroy Corporation is involved in a number of large construction projects, especially those at Konnaya Lakhta and Northern Valley. These projects will result in at least 5.5 million square meters of additional affordable housing for St. Petersburg.
The company also intends to participate in the tender for the strategic investment project to redevelop Apraksin Dvor in Saint Petersburg as a multifunctional social and business complex.
In addition, the company is about to launch several plants to produce modern construction materials.
Basic Element and its partners Transstroy, Moststroyotryad 19, Strabag, Hochtief, Bouygues and Egis are members of the construction consortia bidding for the Orlovsky Tunnel to connect the left and right banks of the Neva River and the Western High-Speed Diameter (WHSD) motorway in St. Petersburg.
Basic Element is also interested in constructing the Elevated Express, a new type of passenger transport for St. Petersburg, and underground parking.
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