The Krasnodar region has signed a contract with the organizers of the Formula One championship on hosting a Grand Prix Russia. According to the contract the region will have right to organize races from 2014 to 2020. A governing company will be created for this purpose, RIA Novosti reports.
"As is well known, Formula One is one of the most prestigious contests in car sports and demonstrates achievments in car construction. Many developments, especially regarding safety, are implemented by the car industry after
being used in sports races," Russian premier Vladimir Putin said.
Head of LUKOIL Vagit Alekperov, general director of Megafon Sergei Soldatenkov, general director of Bazel Oleg Deripaska and the general director of Rostechnologii Sergei Chemezov also participated in the meeting.
"The fact that we have all gathered here together makes me confident that we will manage to organize the work at a good level," Putin said.
The costs of the contract are estimated to be several billion rubles.
