July 4 - Basic Element Group, a diversified business group from Russia, has completed construction of the Imeretinskiy cargo port in Sochi in a investment of more than USD200 million.
The project was carried out by Transstroy, a division of Basic Element and Russia's leading transport and infrastructure construction company.
The port, which has a total capacity of 5 million tonnes of cargo per year, will enable the delivery of cargo and construction materials to Imeretinskaya Valley, where most construction sites for the 2014 Sochi Winter Olympic Games are located. After the Winter Olympics, the port will be retrofitted into a yacht marina.
The port includes eight all-purpose mooring facilities to receive general, project and bulk cargo, with water depths of up to 9.2 m in depth, as well as mobile harbour cranes and other materials handling equipment.
Oleg Deripaska, ceo of Basic Element, said: "We are glad to announce the completion of all construction works in the Imeretinskiy port, which is the first cargo port built in modern Russia. The construction of this port is one of the fundamentals for the successful preparation of the Olympic Games in 2014. Development of infrastructure facilities is among the key strategic priorities of Basic Element. Creation of modern and solid foundation for the development of key Russian regions is at the forefront of this strategy."
The project developer is the Port Sochi Imeretinskiy. The port maintenance is provided by Imeretinskaya Stevedore Company. Both companies are part of Basic Element.