VTB signs deal with St Petersburg to build Vitebsk Overpass of Western High-Speed Diameter
The St. Petersburg City Government and VTB Group have signed a private-public partnership contract on building the Vitebsk Overpass of the Western High-Speed Diameter (WHSD). The document was signed following on from the existing agreement between the city and the bank concerning WHSD construction and operation. The contract, which sets out specifications of the Vitebsk Overpass project, was signed on 18th November 2020 during the Transport Week in Moscow. Deputy Governor Maxim Sokolov signed the deal on behalf of St Petersburg and Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, put his signature on behalf of the private partner.
The partnership will see the implementation one of the prospective project solutions for the Western High-Speed Diameter under the contract – specifically, the 2.6 km Vitebsk Overpass. The road will consist of six lanes with an estimated speed limit of 110 km/h and a capacity of 70,000 vehicles per 24 hours. The Vitebsk Overpass will provide better access to the WHSD by residents of the nearby city areas and relieve the existing overpass with Blagodatnaya Street and the adjacent road network. Eventually, the Vitebsk Overpass will connect the WHSD with the Latitudinal Motorway thus providing an uninterrupted connection with the eastern areas of St Petersburg and subsequently the Leningrad Region.
“Our experience in operating the Western High-Speed Diameter indicates that St Petersburg residents are in need of a modernised transit infrastructure. We record hundreds of thousands of trips daily, making it almost 100 million transactions as of the end of last year, which demonstrates how important it is to continue developing these projects. At the same time, construction of the central section of the WHSD demonstrated an ability to create unique structures within a set deadline and budget and is an example of efficient cooperation between the government and a business when it comes to dealing with socially significant tasks of developing modern infrastructure.” Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, commented.
“The Vitebsk Overpass is the beginning of a large-scale project of the Latitudinal Motorway which, in its scope and value for the city, is comparable to the Western High-Speed Diameter. I would like to thank the federal government and our partners, the fact that we chose a private-public partnership confirms once again that St Petersburg successfully employs this type of cooperation with businesses and is a leader in developing private-public partnership projects. The Vitebsk Overpass will help tackle not one but several key transport-related tasks set by the Governor, including connecting the WHSD with the Moskovsky and Frunzensky districts. We will also be able to relieve the city’s road network and redistribute the traffic from the city centre. This is yet another important step towards building intra-city expressways.” Deputy Governor of St Petersburg Maxim Sokolov said.
The WHSD overpass connecting it to the Latitudinal Motorway will have an estimated cost of RUB 27 billion, including around RUB 10 billion raised by Northern Capital Highway. The construction project is expected to take four years and, under the private-public partnership contract, Northern Capital Highway will be the operator of the overpass until 2042, or throughout the entire term of the contract.
VTB Group supports the commencement of construction of a large-scale interchange for the Western High-speed Diameter with Vitebsky Prospekt in St. Petersburg
In St. Petersburg, construction has started for a transport interchange connecting the Western High-Speed Diameter with Vitebsky Prospekt, with a special installation being drilled into the ground for the first piling. Four of these pilings, submerged to a depth of about 40 meters, will form the foundation base of the first support for the exit of the future interchange.
The project was launched by Igor Levitin, Assistant to the President of Russia, Alexander Beglov, Governor of St. Petersburg, Alexander Drozdenko, Governor of the Leningrad Region, and Andrey Kostin, President and Chairman of VTB Bank Management Board.
The St Petersburg City Government and Northern Capital Highway, which is part of VTB Infrastructure Holding, signed an agreement on building the overpass connecting the WHSD and Vitebsky Prospekt on 18 November 2020 during the Transport Week in Moscow.
The contract between the government of St. Petersburg and LLC "Northern Capital Highway”, part of VTB Infrastructure Holding, for the construction of the interchange was signed on November 18, 2020 during the "Transport Week" forum in Moscow.
The cost of construction is estimated at 27 billion rubles (USD $353m), of which about 10 billion (USD$131m) will be financed by private investment. The estimated construction period will be four years, and the operation will be carried out by LLC "Northern Capital Highway " until 2042 under the public–private partnership arrangement.
Andrey Kostin, President and Chairman of VTB Bank Management Board:
"VTB Group is a long-standing partner of St. Petersburg in the implementation of large-scale infrastructure projects, and it is very important for us to continue this cooperation. By developing joint projects, we can use our many years of investment experience to create modern infrastructure. Since 2012, we have been successfully implementing the Western High-speed Diameter project, and we see a high daily demand from drivers to use the new road. The road is needed by the people and by the city, and this is the main incentive for us to continue the project, including construction of the the Vitebsky Prospekt interchange. I am sure that the new road will be in demand by St. Petersburg residents and will improve the quality of life in the city, contributing to further development of the city in economic, social, and environmental terms."