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5 June 2009 |
Investment Agreement on producing project design documentation for the “Comprehensive Development of South Yakutia” has been signed with support from Vegas Lex engaged in the project since 2007During the 13th St. Petersburg International Economic Forum, on 5 June 2009, an Investment Agreement was signed for “Producing Project Design Documentation for the Comprehensive Development of South Yakutia Investment Project”implemented under a public-private partnership model with government support from the Investment Fund of the Russian Federation. Vegas Lex Law Firm has been a legal adviser to the Project since it started back in 2007. The Investment Agreement was signed between the Government of the Sakha (Yakut) Republic as a State Coordinator of the Comprehensive investment project, the Federal Road Agency, the Federal Railway Transport Agency, the RF Ministry of Energy, Rosatom State Atomic Energy Corporation, OJSC South Yakut Corporation, OJSC Atomredmetzoloto, as well as OJSC South Yakutia Hydro Energy Complex, OJSC Investment Group ALROSA, CJSC Yakutia Coal – New Technologies, OJSC Gazprom, CJSC Elkonsky Mining and Metallurgy Plant and OJSC RusHydro. This Investment Agreement will allow for implementing stage one of the Comprehensive investment project, namely, elaboration of design documentation for the interrelated infrastructure and industrial facilities furthering creation of a new large industrial area in the Sakha (Yakut) Republic on the basis of the hydropower facilities and an industrial cluster. Total value of stage one of the Comprehensive investment project is RUR 10.4 billion including RUR 7.8 billion committed by the RF Investment Fund and RUR 2.6 billion by private investors. Its total value after stage two (construction) will be approximately RUR 422 billion. Under the Investment agreement, stage one of the South Yakutia Comprehensive Development Project envisages elaboration in 2009-2010 of the project design documentation at the expense of the RF Investment Fund and investors. Stage two (2011 – 2019) provides for construction of industrial and infrastructure facilities According to Michael Brook, General Director of the South Yakutia Development Corporation, “Vegas Lex advisers have made a colossal organizational and legal contribution – since the day an application was filed with the RF Investment Fund in 2007 till the signing date of the Investment Agreement. The most difficult aspect throughout the entire Project period has been a large number of parties involved; nonetheless, thanks to the prompt and competent support from Vegas Lex, the agreement could accommodate the interests of all parties involved in the Project. On behalf of the South Yakutia Development Corporation, as a Project initiator, we would like to express gratitude to Vegas Lex experts and hope that the results achieved at the current stage will serve a firm basis for further successful implementation of the Project. A new stage is ahead requiring a detailed treatment of each element and we are pleased that Vegas Lex will continue as the main legal adviser on the Project”. |
