A new cargo port with coal, oil, gas and bunker terminals will be built in Russia’s Sakhalin, according to the press service of the regional government. The construction of the facility is expected to start in 2022. The new multifunctional cargo port will be located on the border of the Makarovsky and Poronaysk districts of Sakhalin. “The draft concession agreement has already been approved by Russia’s Ministry of Finance, and the project is currently being finalized with the Ministry of Economic Development,” the press service said. Four billion rubles ($52 million) will be allocated from the federal budget for the infrastructure. The enterprise will create over 300 new jobs. According to Sakhalin Region Governor Valery Limarenko, the newport is a “strategic project” for the region as it will be used to deliver LNG to the Kuril Islands. “Today our efforts are aimed at diversifying the regional economy, reducing dependence on the oil and gas sector. The construction of a port in the Makarovsky district will be of great importance. It will significantly increase cargo turnover in the region,” Limarenko said.