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. Last Updated: 07/27/2016

'Petersburg City' to House Big Firms

ST. PETERSBURG -- A 300,000-square-meter office complex will be built to house the giant national companies intent on registering in St. Petersburg, the city's deputy governor, Alexander Vakhmistrov, said at a news briefing last week.

"The largest companies, including Sovkomflot, Vneshtorgbank, Sibneft and Transneft, have appealed to us for land plots with engineering infrastructure where they can locate their offices," Interfax quoted Vakhmistrov as saying. "That's why we have decided to create a kind of 'Petersburg City' for major taxpayers."

The office complex, to be completed by 2016, will be constructed near the Peter the Great bridge, on the right bank of the Neva River and on land where Gazprom had intended to build its own office complex.

Although construction of the high-rise center Gazprom-City was originally scheduled to begin in April 2007, documentation for the project has yet to be developed and Gazprom is now likely be included in City Hall's plan, Interfax reported.

The city budget is ready to cover up to $200 million of the project's total cost, with an additional $100 million to come from private investors, said Vakhmistrov.

"But in the future, we hope that nonbudget sources will become the main source of funding," he said.