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. Last Updated: 07/27/2016

$390M for Sochi Port Ahead of 2014 Games

Itar-TassIvanov, right, and Krasnoyarsk Governor Alexander Tkachyov sailing Wednesday on the Black Sea near Novorossiisk.
Officials want to raise up to $390 million to invest in the port of Sochi, the city that last week won a contest to host the 2014 Winter Olympics, the director of a state company that manages ports said Wednesday.

Rosmorport is looking at "various sources" of the money to invest before 2015, company director Yury Parfyonov said at a meeting with First Deputy Prime Minister Sergei Ivanov in Novorossiisk, Interfax reported.

Ivanov announced plans to build a terminal in the port that would accommodate large cruise ships by the start of the Olympics. The ships could serve as floating hotels, Ivanov told reporters.

The government will remove a cargo terminal from the Sochi port to another location but will arrange for the terminal to handle construction materials arriving for the building of Olympic facilities, Transportation Minister Igor Levitin said in Novorossiisk.

By 2015, Sochi will be a purely passenger port able to handle up to 715,000 passengers per year, Levitin said.

Authorities are also working to develop the Novorossiisk port, Levitin said. The government plans to spend 60 billion rubles ($2.35 billion) on building a new railway link to the port, he said. New highways to the port are also being planned, he said.

The port handled 88 million tons of cargo last year, he said, offering no comparative figures.

In another development project, officials are studying a project to build a 70,000-ton-per-year terminal to ship liquefied natural gas at the port of Tuapse, Levitin said. The coal shipment business will move out of Tuapse to the nearby port of Taman in the future, he said.