Budget for Sochi Winter Olympics to be cut by two-thirdsFebruary 25th, 2009 - 3:26 pm ICT by IANS
Moscow, Feb 25 (DPA) Russia will slash financing toward preparing for the 2014 Winter Olympics in Sochi by near two-thirds this year as it feels the heat of the market crunch.
Regional development minister Viktor Basargin was quoted by Russian news agencies that 33.2 billion roubles ($923 million) would be stripped from the 49.8-billion-roubles construction budget for the firm Olympstroi in 2009.
He made the comments to Russian Prime Minster Vladimir Putin during a meeting on sports.
News of the belt tightening took the wind out of a sponsorship pledged by state oil firm Rosneft for $180 million to develop Russia’s Black Sea resort of Sochi.
Russia’s markets lost over 70 percent of their value when the financial crisis hit and the outlook has deteriorated since then on falling oil prices, Russia’s main export commodity.
The crisis has shed doubt on the country’s ability to build from scratch the state-of-the-art facilities and infrastructure required to host the Games in 2014.
Rosneft is the third company to sign up for major sponsorship of the Sochi games after domestic telecom firms Rostelecom and Medgafon promised to cough up $260 million earlier this year.
- Russians to watch London Olympics on street screens - Jun 22, 2012
- ExxonMobil and Rosneft sign deal for joint development of Arctic and Black Sea resources - Aug 31, 2011
- Russian state oil firm to buy back shares worth $2 bn - Jun 01, 2012
- Russia to spend $44 bn on Arctic projects - Apr 06, 2012
- Russians learn English for 2014 Winter Olympics - Apr 18, 2012
- Russian Winter Olympic mascots to appear on coins - Feb 22, 2012
- Pacific oil pipeline a strategic project: Putin - Dec 28, 2009
- Russia to raise fuel export duties due to domestic shortage - Apr 29, 2011
- Russia to be Europe's largest car market by 2014 - Jun 28, 2011
- Sochi Olympics torch relay to be longest one - Aug 13, 2012
- Russia unveils new electric train for Sochi Olympics - May 31, 2012
- Fraud case launched over Sochi 2014 Olympic projects - Aug 09, 2012
- Russian expert who sold rocket secrets to China freed - Jun 19, 2012
- Russia will finance 2014 Winter Olympics, assures Putin - Feb 01, 2009
- BP records $4.9 billion loss in 2010 - Feb 01, 2011
Tags: , , , , , , , , , , , , , , , , , , ,