OREANDA-NEWS.  March 15, 2011. Russia will have to invest hundreds of billions of rubles in the development of the port of Ust-Luga (Leningrad region).

"Taking into account the transport component we will have to invest in the development of the port hundreds of billions of rubles," Mr. Ivanov was quoted as saying.

He highlighted the port of Ust-Luga still has a lot of unsolved problems related to enhancement of the port’s transport infrastructure that must be resolved since "the development of this port will allow us to ensure our transport independence and abandon the use of port facilities in other countries."

According to Mr. Ivanov, the aggregated funds invested in the Ust-Luga port project have totaled about 90 billion rubles, including private funds - 65 billion. "Ust-Luga has been a classic example of a public-private partnership", added the official.

JSC Ust-Luga company was found in 1992 to implement the project of a new commercial seaport in the Luga Bay of the Gulf of Finland. The construction of Ust-Luga port is carried out in line with the federal target program "Development of the Russian transport system."

In 2010, the port of Ust-Luga’s throughput totaled 11,8 million tons of cargo and 65,500 of imported vehicles. The port operator projects the annual cargo volume to reach 180 million tons by 2018.