FESCO Transport Group and the Far East and Arctic Development Corporation have concluded an agreement on cooperation in developing the facilities of Commercial Port of Vladivostok.
A document to this effect was signed during the recent Eastern Economic Forum in Vladivostok by Arkady Korostelyov, FESCO President, and Nikolay Zapryagaev, Director of the Far East and Arctic Development Corporation.
Under the agreement, FESCO intends to draft and implement a project to expand the facilities of the Commercial Port of Vladivostok investing some 24 bn rubles ($400 mn) for that purpose. The Group also plans to apply for the status of a resident of the Vladivostok Free Port and the territory of advanced development.
The Far East and Arctic Development Corporation undertakes to assist FESCO in obtaining federal support necessary to successfully implement the investment project, in efficient cooperation with federal and regional authorities, and in negotiating with potential investors and business partners.
According to Korostelyov, the Vladivostok modernization project envisages developing new state of the art container yards, territory planning optimization, and reducing the territory used for coal handling.
Photo: Commercial Port of Vladivostok