Five New Vladivostok Port Residents to Invest $22.5Mln in Russian Far East

Five additional companies will become residents of the Vladivostok free port and invest 1.5 billion rubles ($22.46 million) in the Russian Far East economy, the Ministry of Far East Development said Tuesday.

VLADIVOSTOK (Sputnik) – Vladivostok previously held the porto franco status between 1861 and 1909.

"The residents will invest 1.5 billion rubles in the economy of Primorsky Territory and create more than 320 jobs. Small boats and passenger buses will be built in Primorye, and a terminal for the overflow of liquefied natural gas [LNG] and several logistics centers will start operations in the region," the ministry said.

The investments break down to 1.1 billion rubles invested by the Transline company on the industrial manufacture of Yutong buses in the city of Artyom. The Composite Shipbuilding firm’s project envisions a next-generation civil shipping industry for marine tourist trips.

The Lider company will invest 18 million rubles to establish a 5,100-square-yard multifunctional warehouse complex in Vladivostok. DKP Logistic will construct a 7,100-square-yard freezing chamber complex.

The terminal to transfer LNG and LPG from rail tank cars to containers will be constructed by SoyuzGaz in Nakhodka.

Effective since October 12, 2015, the Vladivostok free port is active across 15 Primorsky Territory municipalities. It allows for the establishment of special regulation procedures for a range of industries in Vladivostok.

A free port has the right to perform duty-free import and export of goods and is excluded from the state customs territory.