15 Oct 2009 15:17


ST. PETERSBURG. Oct 15 (Interfax) - Hyundai's St. Petersburg plant will be brought into operation in autumn 2010, Petersburg Governor Valentina Matvienko said at a press conference on Thursday.

"The plant will be launched in autumn 2010. In addition, construction will start on plants that will produce auto-components for Hyundai," she said.

Matvienko added that Magna would open a component plant next year.

Commenting on major St. Petersburg-based projects, Matvienko said that the city plans to issue 25 billion rubles in infrastructure bonds in order to develop a Western High-Speed Diameter project.

The governor said that, owing to the crisis, the project's investors had experienced problems with its implementation.

"Earlier it was clear: there was investor, a city and a partnership. Now we have changes in the financing scheme owing to objective reasons. We are working with the Finance Ministry to issue 25 billion rubles in infrastructure bonds that would attract investors in continuing the Western High-Speed Diameter project for all lengths," she said.