Kenes Rakishev to invest RUB 2.9 billion in launch of Vitino Arctic port

AK&M 04 August 2020 15:09

Nord star LLC, a company registered in Murmansk region and controlled by investor Kenes Rakishev, is ready to invest RUB 2.9 billion in the project of relaunching the Vitino non-freezing sea port, the businessman's press service informed.

As previously stated by the businessman, state financing is necessary in addition to his investment to restart operations at the port as soon as possible. Nord star currently seeks an infrastructure subsidy from the Ministry of development of the Far East and the Arctic to roll out electric grids and to build access roads to the Vitino seaport standing idle since 2014.

According to the investment project submitted by Kenes Rakishev's entity to the government of Murmansk region, the total amount of investment is RUB 2.9 billion. The reconstruction covering both the port and the oil depot required for the initial transshipment of at least 4 million tonnes of petroleum products per year will continue until 2022.