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Prime Minister Vladimir Putin chaired a meeting on the construction of a new building for the Mariinsky Theatre

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Vladimir Putin's opening speech:

Colleagues, we have gathered here today to discuss the situation that has unfolded regarding the Mariinsky Theatre's new building.

Let me remind you that the Government resolution on the construction of the theatre's second performance stage was passed several years ago. It is clear that the implementation of the project, which relates to the technical renewal of one of the world's leading theatres, requires significant financial resources, organisational efforts and, of course, a lengthy period of time. However the project has been delayed and serious problems have arisen.

The initial design that won the international competition in 2003 contained many brave and innovative concepts. However after three years of detailed analysis, it has become clear that it also included over 400 technical mistakes.

As a result the contract was revoked, and the copyright was bought back. Another year was spent on design changes and updates. And only in 2007, after the State Expert Assessment Department gave its approval, did full-scale construction work begin.

Today construction is underway. It is continuously monitored by the relevant agencies. Budget resources are being spent in line with the design and estimate documentation, as passed by expert analysis.

Cost control methods continue to be investigated. I draw your attention to that aspect of the work. This is very important given the financial and economic crisis. I am asking you to monitor and review the project to keep it within cost parameters.

By the end of this year the theatre's foundations should be completed. However the architectural decisions regarding the external appearance of the new theatre have yet to be finalised. And the questions as to how the theatre will look, and how it will fit into St Petersburg's unique architectural ensemble are of concern to both the city's residents, and to all Russians.

It is therefore vital that, in accordance with the current law, a new competition be held to select the architectural concept and subsequent design work. The fundamental condition of this competition must include maintaining the current construction schedule, since we already have an established budget and a 2011 deadline. Further, the new design will have to be built using the foundation currently under construction.

I ask you all to bear this in mind, and I think it would be efficient, on the recommendation of the financial institutions involved, to open special accounts, so as to more closely monitor the financial side of the project.