Putin’s cousin invests in Murmansk

Igor Putin invests in Murmansk Transport Hub (Photo

Igor Putin, the Prime Minister’s cousin, plans to build an international port in Pechenga close to the border to Norway.


The businessman and former Vice President of Master Bank plans to invest in development of the Murmansk Transport Hub by establishing an international port in Pechenga Bay, 60 kilometers from Murmansk a few kilometers from the border to Norway.

This is not the first time plans of establishing a new port in Pechenga are announced – the first talks about such a project came in the mid 1990’s. Five years ago the oil company Sevneft prepared a €1.5 billiard investment project for an international port with an annual cargo turnover capacity of 20 million tons.

Igor Putin owns shares in several companies. He has 51 percent of the shares in the R&D company Energiya, 40 percent in the construction company “Avangard 500” and 25 percent in “Gorizont TV”, among others.

I have been asked to lead this project”, Igor Putin tells Kommersant. “At this moment we have prepared a feasibility study, we have rented 2500 hectares of land, a state expert review has been conducted and we have evaluated potential investors. We are currently negotiating with the Sultan of Oman”, Putin says.