Construction of coal port Vera to require $1 billion of investments

Rostekh-Global Resources’s CEO, Andrei Korobov has stated that the construction of the coal port of Vera will require about $1 billion of investments.

Rostekh hopes that the project will be supported by the state, including through the National Welfare Fund. Andrei Korobov said that the project was estimated at $1 billion, and about a half of these funds would be spent on the construction of the transport infrastructure. He noted that the the port’s capacity will be 20 million tons. The Rostekh’s CEO reported that a part of the funds will be allocated by state agencies within federal target programs, investment projects and development funds.

In December of 2013, Rostekh announced its intention to build a coal port in the Far East. Then the Russian state-owned company, Rosmorport and Korean Kowepo signed a corresponding agreement. Chinese Shenhua also showed its interest in the project. Andrei Korobov told that the land for the construction had been already rented. The port project is designed by Rosengineering. Currently, the preparation of design and estimate documentation takes place.