SOCHI, Russia (AP) — 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. A look at what the major players are building in Sochi:
THE RUSSIAN GOVERNMENT
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. Deputy Prime Minister Dmitry Kozak, who is overseeing the Sochi preparations, said the government will spend a total of about $18 billion before the games begin in February 2014.
The world's largest natural gas producer, a publicly traded company, has many Olympic projects in Sochi, including building a cross-country skiing and biathlon center, one of the three Olympic villages and an Alpine ski resort. Gazprom is also building a power station in a Sochi suburb for about $740 million and a pipeline to bring gas supplies to the Sochi area for about $1 billion. The total price tag for Gazprom stands at roughly $3 billion.
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. In addition to the Alpine ski runs at Roza Khutor, Potanin's holding company, Interros, has built an Olympic village and a snowboarding and freestyle park.
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 state-controlled bank is set to spend at least $1.3 billion building a media center in Sochi, as well as a ski jump complex.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.