World Press on Sochi Olympic Games (May 21, 2013)
The Washington Post published an article devoted to the 2014 Olympic Games in Sochi. The article by Mikhail Metzel was headlined 'Who is building what in Sochi and at what cost in preparation for the 2014 Olympics.'
"The cost of the 2014 Winter Games in the Russian city of Sochi now stands at $51 billion, making it the most expensive Olympics in history. More than half of the bill is being footed by Russian state-controlled companies and business tycoons," the article begins.
"The government is building five of the six arenas in the coastal cluster, which will host indoor competitions such as ice skating, for about $10 billion," the article reads. The author also quotes Deputy Prime Minister Dmitry Kozak, who is responsible for theOlympic construction in Sochi as saying said the Russian government will spend a total of about $18 billion before the games begin in February 2014.
The author believes that Gazprom, Russia's gas-producing giant, will spend some $3 billion on the Olympic project.
"Metals tycoon Vladimir Potanin, whose fortune is estimated at $14.3 billion, started building the Roza Khutor ski resort before Sochi was picked to hold the 2014 Olympics. Infrastructure required by the International Olympic Committee cost $500 million, boosting his total bill in Sochi to $2.5 billion," the author writes.
"Metals tycoon Oleg Deripaska, estimated to be worth $8.5 billion, is mainly involved in infrastructure development in Sochi. His holding company, Basic Element, is building an Olympic village, a sea port and has just finished revamping the Sochi airport. Basic Element expects to spend a total of $1.4 billion in Sochi," the article reads.
The author also notes that Russian state-owned bank Sberbank will spend at least $1.3 billion on building a media center in the city, as well as a ski jump complex.