VEB.RF Group to Participate in Multipurpose Deep-Water Seaport Construction Project in Sakhalin Region

VEB.DV (part of the VEB.RF Group) and the Sakhalin Region Development Corporation (SRDC) agreed to jointly implement a project for the construction of a multipurpose deep-water seaport in the Sakhalin Region. The agreement was signed today at the St. Petersburg International Economic Forum by VEB.RF Deputy Chairman and Member of the Board Artyom Dovlatov and CEO of the SRDC Andrey Medvedev.

The project is intended to rehabilitate and expand the existing Korsakov Seaport and create a multipurpose deep-water seaport and a hub on its territory.

The project will receive financing under a concession agreement.

“As it is today, the transport facility is obsolete and worn-out, and fails to meet the regional economic challenges. Korsakov, however, has a very advantageous location at the intersection of sea and land trade routes from the European part of Russia to the Asia-Pacific region. As instructed by the government of the Sakhalin Region, we are now involved in the project aimed at radical upgrading of the port. Our task is to ensure safe navigation, cargo handling and tourism in line with global standards. Equally important, the port in the south of Sakhalin will encourage business activity, create new jobs and bring about a considerable rise in tax revenues,” Andrey Medvedev said.

“Implementing the project for the construction of a seaport will help to fulfil strategic tasks of developing maritime transport and create an economically efficient, technically fit and competitive port infrastructure in the Sakhalin Region,” VEB.RF Deputy Chairman Artyom Dovlatov said.

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