OREANDA-NEWS. September 14, 2009. Basic Element, Russia's leading diversified investment company, signed a memorandum of intent with Island Global Yachting (IGY) to manage a world-leading marina complex in Sochi, paving the way for significant employment and investment opportunities in the region. IGY is also considering an option to become a co-investor in construction of the complex.

The marina, a key part of the legacy of the 2014 Winter Olympics, will be developed on the site of the Sochi cargo port, a major infrastructure project that will handle materials throughout the construction of the Olympic complex. Basic Element's investment in the construction of the cargo port and subsequent marina will see the site transformed into a world-leading marina in 2014.

Under the memorandum, IGY, one of the world's premier marina management companies, will handle the promotion and operation of the marina, providing a full range of technical and lifestyle facilities that will meet even the most demanding standards. The project includes plans for moorings for 600-700 boats, which will support up to the very largest mega-yachts, and a recreation area with restaurants, a swimming pool and tennis courts, as well as maintenance and winter storage areas for yachts.

The marina's design was created by a strategic partner of IGY - Astra Project company (Astra Marinas Group), which specializes in the design and construction of yacht clubs and marinas.

Yury Tyamushkin, managing director of the port business of Basic Element Company, commented "As a long-term investor, we want to see the Sochi development provide real long-term opportunities. This project will create a world-class marina on the Black Sea Coast, bringing significant business to the wider Sochi area. IGY have considerable experience in operating leading marinas around the world and we hope this partnership will see the site become a major landmark of Sochi, and contribute significantly to employment and tourism in the city,"

"We are truly honored to have been selected as the marina manager for this impressive facility," said Charles H.F. Garner, president, Island Global Yachting. "The marina is destined to become one of world's premier nautical lifestyle destinations. We look forward to working with Basic Element, the Russian government and the people of Sochi to operate a highly-successful marina product and to greatly impact area business with increased tourism revenue, employment opportunities and more."