Vladimmir Potanin (left), president of Interros company, and Oleg Deripaska, CEO of Siberian Aluminum croup of companies
Photo: Dmitry Dukhanin
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Russian Businessmen Promise Billions in Investments in Sochi
Russian businessmen Vladimir Potanin and Oleg Deripaska have promised to invest several billion dollars in construction in Sochi. Potanin's Interros holding planned this spring to spend $500 million on sports and cultural facilities in Sochi and Krasnaya Polyana. Now it has revised its plans upward to $1.5 billion, PRIMA-TASS reports. The ski complex at Krasnaya Polyana will resort accessible to all.
Deripaska's Basic Element holding will invest $0.5-2 billion on the construction of the so-called Imeretinskaya Riviera, where several major Olympic facilities will be located, according to Interfax. The investment will be recouped in 5-7 years.
Additional funds will be spent on the reconstruction of Sochi International Airport, on which 500 million rubles has already been spent. The airport will then be able to receive 2500 passengers an hour, more than double its current capacity. The airport will be ready in mid-2008.
Sochi was declared site of the 2014 Winter Olympics on July 5. A total of over 300 billion rubles ($11.5 billion) will be spent to develop the city for the Olympic program.
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