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Itera to Spend Billions Building Minsk-City

Published: August 7, 2007 (Issue # 1295)


MINSK It may be better known as the capital city of Europes last dictatorship but Minsk is looking to turn itself into an international financial and business hub.

Now, oil and gas giant Itera looks set to invest tens of billions of dollars in a massive new business and residential center in the heart of the city.

Conceived along the same lines as the ambitious Moskva-City project, the 300-hectare Minsk-City would eventually dwarf even its Russian counterpart.

On Tuesday, representatives from Iteras construction arm, Interainvest Holding, held a meeting with Belarussian President Alexander Lukashenko in Minsk to discuss the project.

During the meeting, Iteras interest in broadening its cooperation with Belarus was underlined, the company said in a news release. As part of this we discussed Iteras involvement in constructing the Minsk-City residential and administrative business center.

The Minsk-City proposal put forward by Itera envisions living space for up to 38,000 inhabitants, high-rise administrative-business complexes and a central 80-story skyscraper. The project would be built in the Aeroport district of the city, Itera said in a statement.

The project could cost around $30 billion, Russian media reports said.

Work is slated to start on the project in 2009, the official Belarus press agency reported.

The Minsk-City project was first mooted in May when Lukashenko set Minsks City Hall a timetable to come up with plans for the development, a statement from Lukashenkos office said.

Since being elected president of Belarus in 1994, Lukashenko has faced a barrage of international criticism over his perceived authoritarian rule, a clampdown on opposition parties and rigged elections.

In 2004, the United States introduced a series of targeted economic sanctions against Lukashenkos government for undermining the countrys democratic processes and for human rights abuses. Asked how viable the Minsk-City project is, Mihails Morozovs, managing partner of Colliers International in the Baltic states and Belarus, said many people had doubts about the feasibility of the Moskva-City project to begin with.

It is a question of how long-term your horizons are, Morozovs said.

If Lukashenko is personally behind the project, this could help speed the drive toward development, Morozovs said, citing Mayor Yury Luzhkovs personal backing for projects in Moscow.

If Minsk wishes to be recognized not only on the political but also on the business map of the future, then it has to have certain infrastructure. Minsk-City is one of the key points in this strategy, Morozovs said.

At present there are only around 70,000 square meters of Class A and Class B office space in Minsk, a very low figure for a city of 2 million people, Morozovs said.

Morozovs said there were both negative and positive aspects of working in Minsk, citing serious administrative control over the market. He said developers in Minsk faced greater difficulties than in Moscow. Any major architectural development would have to go hand in hand with massive investment into basic infrastructure, such as road and rail, Morozovs said.





 


ALL ABOUT TOWN

Wednesday, July 23


SPIBAs Legislation & Lobbying Committee invites everyone interested in the practical aspects of courts and procedural law to todays Legal Debating Club at 9:30 a.m. at the Mertens House, 21 Nevsky Prospekt, office 506. Visit spiba.ru for more details.


Take advantage of the sunny summer days and participate in Beach Games 2014, which runs through July 27 in Sestroretsks Dubki Park.



Thursday, July 24


Liliana Modiliani, a well-known Russian stylist, will talk about choosing clothes that fit during her lecture at 7 p.m. at the Pryamoy Efir art club, 13 Viborgskoe Shosse.



Friday, July 25


Discuss Russias economic and political prospects for 2014 during a Business Breakfast organized by SPIBA at 9.30 a.m. in the Bank Saint-Petersburg office at 64


Malookhtinsky Prospekt.


Start your weekend with adorable miniature pigs at the Squealing Pig festival at 7 p.m. this evening in the Karl & Friedrich restaurant, 15 Iozhnaya doroga, on Krestovsky Island.



Saturday, July 26


Hundreds of brand-new and retro cars, drag and drift shows, test drives and karting are planned for the Avtobum-2014 festival, which will take place in front of the RIO shopping center at 2 Fuchika Ulitsa.


Participants in todays SaniDay Summer competition will impress visitors with their hand-made, unusual and hilarious boats, which will race at the Igora Resort near the 54th kilometer on Priozerskoe Shosse.


Metro Family Day will include both serious lectures for adults and master-classes for children, making the event interesting for the whole family. To participate, come to Kirov Park on Yelagin Island.


Photography will be the focus of todays Photosubbota, which features lectures by famous photographers, meetings with photo schools and studio representatives, and participation in a photography competition. The event starts at noon at Petrokongress, 5 Lodeynopolskaya Ulitsa.


If you like cycling, make sure to visit the Za Velogorod Festival with its retro bike exhibition, market and live music. The second round of the Leningrad Criterium race will also take place during the event at Petrovsky Arsenal in Sestroretsk.



Sunday, July 27


Navy Day will be celebrated with a weapon and military transportation exhibition, self-defense master classes and concerts. The event starts at 1 p.m. in the 300th Anniversary Park of St. Petersburg.



Monday, July 28


Dont miss a chance to see the latest achievements in robotics during the RoboDom interactive show, exhibiting more than 150 robots. The show will be at BUM centre, 22/2 Gzhatskaya Ulitsa, until Aug. 3. The entrance ticket costs 350 rubles ($10).



Tuesday, July 29


A video of a Queen concert from 1986 will be shown today at 8 p.m. in Yaschik, 50/13 Ligovsky Prospekt.



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