Faeton to Invest USD 15 Million in Business Centre near Pulkovo-3

The Faeton holding company is in the process of investing USD 15 million in a multifunctional center to be built near Pulkovo-3. This is according to the statement made at a press conference by Vladimir Khilchenko, Faeton's President. The 1.24 ha site near the Pulkovo international airport was purchased at a city auction for USD630,000.

The plaza will include a hotel and office building, trading zones and parking lots. A new seven story building will house the hotel and offices. The project should pay for itself in 3.5 years from the moment the site was purchased. Until now, the largest of Faeton's projects amounted to the completion of the construction of a small amusement centre in Moscow Prospect and purchasing the Barrikada movie theater in Nevsky Prospect.

The Faeton holding company has 27 subsidiaries in St. Petersburg and the Leningrad Region engaged in 10 various business areas, including some industrial production, petroleum products sales, transportation, and commercial real estate. Its employees number over 3,000. Despite the company's attempts at diversification, fuel sales account for USD 63.4 million of a total trade turnover of USD 93.8 million. At this time, 40 gas stations in St. Petersburg and the Leningrad Region are owned by Faeton, accounting for 12% of the local market of petroleum products.