Three new Baltic ports
Russia and the EU have reached agreement to develop three new ports on the Baltic coast, to speed Russia’s integration into trade and transport routes on the continent. The ports will mainly handle gas, oil and coal shipments. The project is being financed by a $50 million grant from a European multilateral lender, and also Russian oil and gas companies which will use the sites for exports. The officials have not said which ports will be developed or how much money will be involved, nor have they given an estimated date of completion. Also, the EU has allotted 84 million ecus ($107 million) towards future transport-related projects in Russia.
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