Балтийский регион
Baltic Region
ISSN: 2079-8555 (Print)
ISSN: 2310-0524 (Online)
Economic and Geographical Development of the Russian Northwest
Pages 69-82

Opportunities and Challenges of Large Investment Projects in the New Economy: the Port of Ust-Luga



The aim of this study is to search for a mechanism for implementing large investment projects of crucial economic importance in the modern economic conditions characterized by the sanction policy of foreign states, limited public investment, and a mass exodus of foreign investors. An example of a large-scale investment project is the construction of a multipurpose multimodal complex — the commercial seaport of Ust-Luga. This is one of the most recent large projects in seaport infrastructure development. This article estimates the project’s significance for the development of the Baltic region and presents a competitive analysis of the seaport position in comparison to the largest European ports. The authors analyze the strengths of the seaport construction project, namely, the favorable natural environment and climate, advantageous geographical position, strong political will demonstrated by the federal and regional authorities. The article also considers the challenges the project faces — unfortunate geopolitical situation, growing competition from other seaports, and lack of investment. Based on the analysis of challenges, it is concluded that there are significant risks associated predominantly with lack of investment. In these conditions, a large investment project requires the enhancement of public-private partnership, which will ensure the timely implementation of such projects

1. Strategija razvitija morskoj dejatel'nosti Rossijskoj Federacii do 2030goda,utverzhdena Rasporjazheniem Pravitel'stva RF ot 8 dekabrja 2010 g. № 2205-r
[Strategy of development of maritime activities of the Russian Federation to 2030goda, approved by Decree of the Government of the Russian Federation dated
December 8, 2010 № 2205-r], 2010, Moscow.
2. Transportnaja strategija Rossii na period do 2030g, utverzhdena Rasporjazheniem Pravitel'stva RF ot 22 nojabrja 2008 № 1734-r (v red. Rasporjazhenija Pravitel'stva RF ot 11 ijunja 2014g. № 1032-r) [Transport Strategy of Russia until 2030, approved by Decree of the RF Government of November 22, 2008 № 1734-p (in the red. Order of the Government of the Russian Federation dated 11 June 2014.№ 1032-r)], 2008, Moscow.
3. Beysembinova, A. 2012, Problemy investicionnoj dejatel'nosti na osnove gosudarstvenno-chastnogo partnerstva [Problems of investment through public-private
partnerships], Investicii i innovacii [Investments and Innovations], no. 1, p.144—150.
4. Bragina, Z. V., Orlov, V. V., Andreeva, N. Yu. 2011, Gosudarstvenno-chastnoe partnerstvo: mehanizmy razvitija [Public-private partnership: the development of mechanisms], Kostroma, 186 p.
5. Byrkova, Ye. Gruzooborot portov Baltiki: kljuchevye tendencii 2014 goda [Cargo turnover of Baltic ports: key trends in 2014], PROVJeD [PROVED], available at: http://провэд.рф/analytics/research/19841-gpuzoobopot-poptov-baltikiklyuchevye-tendentsii-2014-goda.html (accessed 11.05 2015).
6. Varnavskiy, V. G. 2011, Gosudarstvenno-chastnoe partnjorstvo: nekotorye voprosy teorii i praktiki [Public-private partnership: some questions of the theory and practice], Mirovaja jekonomika i mezhdunarodnye otnoshenija [World Economy and International Relations], no. 9, p. 41—50.
7. Varnavskiy, V. G., Korolev, V. A. 2009, Koncessionnyj mehanizm partnerstva gosudarstva i chastnogo sektora [The concession mechanism of partnership between
the state and the private sector], Moscow.
8. Vetrenko, L. D. 2000, Upravlenie rabotoj morskogo porta [The operation of the seaport], Saint Petersburg, 264 p.
9. Vypiraylo, A. 2011, Prioritetnye napravlenija sovershenstvovanija gosudarstvenno-chastnogo partnerstva [Priorities for improving public-private partnerships],
Vestnik Intitituta jekonomiki RAN [Bulletin of the Institute of Economics], no. 4, p. 303—311.
10.Dulzon, А. А. 2014, Uspeshnost' upravlenija proektami: problemy, ocenka, vozmozhnosti [The success of the project management issues, assessment, opportunities],
Upravlenie proektami i programmami [Project and Program Management], no. 4, p. 292— 302.
11. Zhusupov, S. D. 2011, Sostojanie i perspektivy razvitija morskih portov Rossii [State and prospects of development of Russian ports], Transport Rossijskoj Federacii
[Transport of the Russian Federation], no. 6 (37), p. 36—39.
12. Joenniemi, P. 2010, The EU strategy for the Baltic region: where are we now? Balt. Reg., no. 2, p. 39—42. DOI: 10.5922/2079-8555-2010-2-4.
13.Makarov, I. N., Kolesnikov, V. V. 2012, Nacional'naja infrastruktura i gosudarstvenno-chastnoe partnjorstvo: potrebnosti sovremennoj jekonomiki [National
infrastructure and public-private partnership: the needs of the modern economy], Kreativnaja jekonomika [Creative economy], no. 5, p. 50—54.
14. Melnik, D. 2013, Morskoj transport kak sistemoobrazujushhij jelement Baltijskogo transnacional'nogo transportnogo regiona [Maritime transport as a systembuilding element of the Baltic transnational transport region], Vestnik Immanuel
Kant Baltic University, no. 1, p. 140—147.
15. Nikulina, S. V. 2011, Faktory konkurentosposobnosti mezhdunarodnyh morskih portov [Factors of competitiveness of international seaports], Jekonomika i upravlenie [Economics and Management], no. 5, p.141—143.
16. Privlekatel'nost' po-pribaltijski [The attractiveness of the Baltic], 2013, Morskie porty [Seaports], no. 8, available at: http://www.morvesti.ru/analitics/detail.php?ID=28170 (accessed 27.03.2015)
17. Rybtsev, V. V. 2011, Chastno-gosudarstvennoe partnerstvo kak sposob razvitija infrastruktury [Public-private partnerships as a way of infrastructure developÉ.
à. èÓÔÓ‰¸ÍÓ, é. ë. 燄‡Â‚‡
ment], Aktual'nye problemy gumanitarnyh i estestvennyh nauk [Actual problems of the humanities and the natural sciences], no. 3, p. 132—134.
18. Sergeev, A. S. 2012, Organizacionno — jekonomicheskie osnovy formirovanija i razvitija morskih portovyh aglomeracij [Organizational — economic bases
of formation and development of the sea port agglomerations], Vestnik tihookeanskogo
gosudarstvennogo jekonomicheskogo universiteta. Jekonomika i upravlenie [Bulletin of Pacific State Economic University. Economics and Management.],
no. 2, p. 63—68.
19. Ulanov, S. 2011, Analiz riskov pri upravlenii investicionnymi proektami [Risk analysis in the management of investment projects], RISK: resursy, informacija, snabzhenie, konkurencija [RISK: resources, information, procurement, competition], no. 1, Vol. 2, p. 645—650.
20. Ust' Luga: realizacija proekta kompleksnogo razvitija morskogo torgovogo porta [Ust Luga project of integrated development of sea trade port], 2012, 23 June,
Kingisepp-segodnja [Kingisepp-today], available at: http://www.xnetbbecbrbp5ahkja1ae7v.
xn--p1ai/news/publication-185/ (accessed 29. 03.2015).
21. Fedorov G. M., Korneevets V. S. 2009, Trans-Border Regions in the System of the Regional Hierarchy: the Systemic Approach, Balt. Reg., no. 2, p. 26—33.
DOI: 10.5922/2079-8555-2009-2-3.
22. Halturin, R. A. 2012, Razvitie infrastruktury i vozmozhnosti gosudarstvennochastnogo
partnerstva [Development of infrastructure and the possibility of public-private partnerships], Jekonomika nauki [Economy of the science], no. 5, p. 28—30.
23. Tsvetkov, V. A., Zoidov, K. H., Medkov, А. А. 2012, Problemy integracii i innovacionnogo razvitija transportnyh sistem Rossii i stran Baltii [Problems of integration
and innovative development of transport systems of Russia and the Baltic countries], Moscow, 175 p.
24. Chimshir, V. I., Chimshir А. V. 2014, Osnovnye aspekty formirovanija organizacionno-jekonomicheskogo mehanizma obespechenija konkurentosposobnosti
morskogo porta [The main aspects of formation of the organizational-economic mechanism of maintenance of competitiveness of the seaport], Vostochno-Evropejskij
zhurnal peredovyh tehnologij [East European Journal of advanced technologies], no. 3, Vol. 2, p. 21—24.
25. Shirov, А. А. 2010, Problemy prognozno-analiticheskogo soprovozhdenija vzaimootnoshenij biznesa i gosudarstvennyh struktur [Problems of forecasting and
analytical support of the relationship between business and government], Problemy prognozirovanija [Problems of Forecasting], no. 3, p. 19—32.
26.Yuzvovich, L. I. 2011, Koncessionnyj mehanizm kak instrument gosudarstvennoj investicionnoj politiki v sovremennyh uslovija [The concession mechanism
as the tool of the state the investment policy in modern conditions], Sovremennye tehnologii upravlenija [Modern control technology], no. available at:http://sovman.ru/all-numbers/archive-2011/july2011/item/42-the-concessionmechanism-as-the-tool-of-the-state.html (accessed 31.03.2015).
The article