Mr. Deripaska's, the 72m Queen K superyacht owner and CEO of UC Rusal is also an investor, along with Barrick Gold Corp. chairman Peter Munk, Nathaniel Rothschild and several other wealthy businessmen, in Porto Montenegro, a luxury superyacht marina under construction on Montenegro's Bay of Kotor.
In an interview last month, Mr. Munk said the recession would not jeopardize the €260-million ($420-million Canadian) project and that the equity funding from the investors, including Mr. Deripaska, was in place.
The oceans are still brimming with yachts and Mr. Munk expects Porto Montenegro will attract a lot of them.
"They won't disappear," he said. "They have to live somewhere."
Latest news published on the official Porto Montenegro website: "
- Work on infrastructure, landscaping, site clean up and environmental remediation is now underway and the first of the major docks has been fully completed.
- The marina is scheduled to open by the summer of 2009, with a capacity of 150 berths.
- Construction of onshore facilities is commencing this year, with the first buildings expected to be complete by the spring of 2009.
Published on http://www.portomontenegro.com and /http://www.globeinvestor.com