It is reported that Basic Element group has already used RUB 3.7 billion of the funds allocated by investors for the port. Total project investment is estimated at almost RUB 7 billion. The construction of the port is expected to be finished in December 2010.

The source said that builders have already completed the construction of three berths of the new port. He said that "In the near future they will finish building five more berths and few coastal infrastructure sites."

As earlier reported, the port of Sochi Imeretinsky built in the mouth of the Mzymta River in order to receive building materials for the Olympics 2014 based on public-private partnership. The State is represented by the Federal Agency for Sea and River Transport and Rosmorport Federal State Unitary Enterprise and Basic Element is the business side community.

After 2014 the port will be redeveloped in a yacht marina in the 600 to 700 parking spaces. In September 2009, BazEl signed a memorandum of intent with the international operator of marinas Island Global Yachting.

(Sourced from www.interfax.ru)