SOCHI, October 15 (Itar-Tass) -- Russia plans to build its Formula-1 racing track in Imereti Valley in Sochi where Winter Olympics are to be held in 2014, Prime Minister Vladimir Putin said on Thursday. Due to the construction of road infrastructure for Olympic Games in Imereti Valley the Formula-1 project will be much cheaper, according to the prime minister. "This is much cheaper than building in green field,” Putin said. On Thursday Formula-1 President Berni Ecclestone signed a contract with Omega construction company in Krasnodar region, two which Sochi belongs, on the organization of the race which is planned in the Black Sea spa from 2014. Russia initially planned to build a Formula-1 track in Moscow, then nearby Moscow, and in St. Petersburg. But Putin said none of the places have any chance. "We shall hardly build two tracks for Formula-1,” he said. Putin said Olympic objects will be used for racing competitions, "but a part of the track will have to be built anew”. Head of the Russian Technologies State Corporation said its Internet provider Yota was ready to buy the Grand Prix Russia name. "The Russian Technologies Corporation is ready to sponsor the race. Our company Startel which operates under the Yota brand is ready to buy the name of the race. It would like to call it Yota Grand Prix,” Chemezov told Putin. He did not elaborate how much the corporation plans to pay.
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