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Following an announcement that Sochi 2014 has a new sponsor, there are reports that Russia's Regional Development Minister Viktor Basargin made a statement during a meeting with Prime Minister Vladimir Putin's council on sports that the budget for the state company overseeing much of the construction for the 2014 Winter Olympics will be cut by two-thirds this year.

According to the Associated Press, Basargin says this year's budget for the State Corporation "Olympstroi", which was originally set at nearly 50 billion rubles ($1.4 billion), will now be cut by 33 billion rubles ($916 million).

Meanwhile Sochi 2014 previously announced that Rosneft, one of the world's leading oil companies, has become a Tier One Partner of the Sochi 2014 Winter Olympic Games and its first Paralympic Games sponsor. The sponsorship deal is worth $180 million.

As a Tier One Partner Rosneft will play a vital role in the delivery of the Russian Olympic project and infrastructure development in the region through the construction of more than 150 new petrol stations said a Sochi 2014 press release.

The company will also develop snowcat and boat refuelling facilities in Sochi to aid in the development of the city into an all year-round tourist centre.

During the Olympic and Paralympic Games Rosneft will supply fuel on preferential terms to the Organizing Committee, the Russian National Olympic and Paralympic Committees, the Russian Olympic and Paralympic team and "Olympstroy", as well as the use of Rosneft's recreational and sanatorium facilities in the Southern Region of Russia.

Dmitry Chernyshenko, Sochi 2014 President and CEO said, "I'm confident that our collaboration with Rosneft will ensure that the marketing potential of Sochi 2014 is fully realized and that the Games is staged to the highest international level".

It was announced recently that MegaFon and Rostelecom have become the first Tier 1 sponsors of Sochi 2014 as the Mobile Partner and the Telecommunication Partner respectively. Coca-Cola, Panasonic and Samsung have been signed up as Worldwide Olympic Partners.

(Source: Gamesbids.com)