The new container terminal project in Ust-Luga is a major priority not only for the Northwest region but also for Russia as a whole, said Presidential Plenipotentiary in the Northwest Federal District Valentina Matvienko at a conference entitled 'Russian-German cooperation in the area of development of an international transport corridor 'North-South' in the Russian maritime register of shipping' on May 23.
According to Rosbalt an intention was stated at the conference to construct a container terminal. Leading European transportation company Eurogate of Germany will participate in the project, and will become a large foreign investor in the Russian port branch. National Container Company will represent the Russian side of the joint project. The terminal will cost USD 500 million. 'The emergence of European companies in Russian projects is a good indicator of the economic and political stability in Russia,' said Matvienko.