MC Ust-Luga plans to spin off a housing and road services division
Management Company Ust-Luga operating in the Port of Ust-Luga plans to establish a separate division that would be handling issues related to housing / communal services and near-dock and access road facilities operation on the territory of Ust-Luga and Vistino rural settlements. The decision to establish a new management company was approved at a meeting of regional authorities and Ust-Luga Company's executives and chaired by Alexander Drozdenko, Governor of the Leningrad Region, the regional government press office reported.
The new management company will have a strategic importance for Ust-Luga area's future development, including the construction of a new city, the local authorities said. The regional administration said that it is ready to take part in the new company creation and management.
The meeting approved the decision to sell the regional government owned stake in Transport & Logistics Co. The proceeds will be further spent on the shares purchase to enter the future company's shareholders board.
“This decision will ensure an integrated approach to providing ranged housing / utilities services to port infrastructure and the local residents, and in the near future to resolve the issue of reconstruction of on-dock and access roads," the report said.
JSC Ust-Luga Company was established in 1992 for the construction and development of a seaport in the Luga Bay of the Gulf of Finland. Today, the company is implementing the project of Integrated Development of Ust-Luga and the neighborhood, which involves the creation of five interconnected clusters: transport & logistics, industrial, city-cluster, recreational & agribusiness. The project is listed as a priority one in Russia's investment program for the North-West region development and is based on the public-private partnerships.
