Via RT Business

The long-discussed deep water port project near Kaliningrad, Russia has won the support of President Vladimir Putin, Kommersant newspaper reports.

The construction of the shipping hub with a 48-million-ton capacity and linked infrastructure including railway and roads, may cost more than US$3.1 billion (200 billion rubles). One quarter of the sum may come from the Russian budget, while the rest is set to be covered by investors.

Also on
Russia’s Arctic shipping route to attract over $11 billion in investments

Putin has already greenlighted the project, Kommersant reports, citing a letter from the presidential aide, Andrey Belousov. The adviser to the Russian leader suggested creating a business-plan for the hub to prove its efficiency. The document is reportedly set to be reviewed by the government by September 1.

The construction of the port in the region has been under consideration since the 2000s.

An additional terminal for passengers and cargo is under construction in the same area, in the coastal town of Pionersky.

Also on
Putin vows to connect Russia’s Northern Sea Route with China’s Maritime Silk Road

The new port could potentially attract a cargo base using the federal government support, Mikhail Burmistrov, CEO of INFOLine-Analitika told Kommersant. The analyst stressed, however, that it may still face some difficulties in finding investors.

For more stories on economy & finance visit RT’s business section

READ ALSO  Resurgent bitcoin pushing toward all-time high after last week’s stumble