Russia's State Corporation for Assistance to Development, Production and Export of Advanced Technology Industrial Product «Russian Technologies» (Rostec) has stated that the construction of the coal port of Vera in Russia's Primorsky Krai region will require about $1 billion of investment.
Rostec hopes that the project will be supported by the state, including through the National Welfare Fund. The project cost has been estimated at $1 billion, and about a half of these funds would be spent on the construction of the transport infrastructure. The port's capacity will be 20 million tons. According to the company's statement, a part of the funds will be allocated by state agencies within federal target programs, investment projects and development funds.
In December 2013, Rostec had announced its intention to build a coal port in Russia's Far East. Then the Russian state-owned company Rosmorport and South Korea-based Kowepo signed a corresponding agreement. China-based Shenhua also showed interest in the project. The land for the construction had been already rented. The port project is designed by Rosengineering. Currently, the preparation of design and estimate documentation is being carried out.