View of Sochi and the Black Sea 

track-map/russian-formula-1-grand-prix

I sincerely hope that the Formula One is going to play a big part in what I can see happening in Sochi," Ecclestone said. "I'm sure the circuit can be a super circuit. It's all the things we need and wanted, and we are very happy."

The F1 chief praised the work of Russia's sports organizers, saying: "They are trying to build absolutely first-class facilities both for the Olympics and the Formula One."

Putin also met separately with top Russian businessmen to encourage them to support the event.

"Formula One isn't only the most prestigious competition in motor sport, but it also demonstrates achievements in car manufacturing," Putin said.

Russia is halfway through a mammoth construction effort to build facilities for the 2014 Winter Olympic, a project originally slated to cost $12 billion but expected to cost more.

Holding Formula One races there could ensure some of the infrastructure, such as hotels, remain utilized in the years following the games, satisfying demands from the International Olympic Committee for a legacy.

"For us it's an important event because it would be possible to use effectively everything we have created for the Olympic Games in 2014," Putin said.

Motor racing is hugely popular in Russia and was made even more so with this season's arrival of Vitaly Petrov. The Renault driver is Russia's first in Formula One.

The sport would also raise the prestige of the formerly dilapidated Soviet-era resort, with officials keen to erode the irony from its moniker as the Russian Riviera by introducing a Monte Carlo-style chic. Monaco is home to F1's flagship race, the Monaco Grand Prix.

Putin also could be on the verge of landing the World Cup in 2018, having personally lobbied inspectors during their summer visit to Russia and led a delegation to FIFA's headquarters in Zurich.

The host country will be announced on Dec. 2. England and the United States are among Russia's rivals to host the tournament.

Russia has signed an agreement with Formula One to stage a Grand Prix in the country between 2014 and 2020, Prime Minister Vladimir Putin said on Thursday. “According to the document, Russia has the right to stage Formula One races in the Krasnodar region over six years with a prolongation for another five years," Putin explained. 

He cited an array of Russia’s leading auto makers, which have already signaled their readiness to contribute to the construction of a F1 circuit in the Imeretinskaya Valley near the Black Sea resort of Sochi.

By doing so, the companies are seeking to promote their production, which will in turn add to developing Russia’s automotive industry, Putin says. In this regard, one cannot but heap praise on their participation in what is widely known as the world’s most prestigious motor race, he concludes. 

60 percent of the racing circuit will include highways and roads that are being built in the run-up to the 2014 Winter Olympics in Sochi, experts explained.ANNOUNCER: Under the Thursday agreement, some of the country's biggest companies, including , cell phone provider Megafon, oil producer LUKoil, and investment company Basic Element, will additionally invest in the construction, which is mainly financed by the state. Experts say that at least 200,000 spectators are typically in place for regional Formula One races , and those in the Emeretinskaya Valley will not be an exception. 

Russia has signed an agreement with Formula One to host a Grand Prix in the city of Sochi, Prime Minister Vladimir Putin told Grand Prix Russia investors on Thursday.

Hosting Formula 1 will provide for efficient use of Sochi Olympic facilities.

A managing alliance of those who want to promote their production and car makers will be formed to arrange the event.

It will receive state support.

                Sochi (English)      Сочи (Russian)

Statistics 
Area 3,505 km2 (1,353.3 sq mi)
Population (2002 Census) 328,809 inhabitants
- Rank 55th 
- Density 94 /km2 (200/sq mi)
Time zone MSK/MSD (UTC+3/+4) 
Founded 1838
Previous names Chatsha Adyghe: (Шъачэ) (until 1864),
Dakhovsky (until 1896)[2] 
Postal code(s) 354000-354999[1] 
Dialing code(s) +7 8622[1] 

Official website www.sochiadm.ru(english:  http://invest.sochiadm.ru/en )
Sochi (Russian: Сочи, pronounced [SOCH_GEE) is a resort city, situated in Krasnodar Krai, Russia, just north of the border of the disputed territory of Abkhazia (largely recognised as part of the Republic of Georgia), and the southern Russian border fronting the Black Sea. 

It sprawls along the shores of the Black Sea and against the background of the snow-capped peaks of the Caucasus Mountains. At 145 km (90 mi), Greater Sochi claims to be the longest city in Europe. A

s of the 2002 Census, it had a population of 328,809, down from 336,514 recorded in the 1989 Census. In 2006, the population was estimated to be 395,012. 

The city has been selected to be the host of the XXII Olympic Winter Games and XI Paralympic Winter Games in 2014. 

ochi enjoys a humid subtropical climate-Mediterranean-type