Oleg Deripaska's construction company Transstroi has won a 12.5 billion ruble ($386 million) tender to complete building work on a sports arena in St. Petersburg for local football club Zenit, Kommersant reported Tuesday, citing sources in the government and close to the company.

The decision reinstates Transstroi as contractor for the St. Petersburg government after the original contract was terminated in September by mutual agreement, due to rising cost estimates.

Deripaska's company competed against a single undisclosed company for the tender, which was held on Friday. The official results have not yet been announced.

So far, St. Petersburg has spent 15.9 billion ruble on the arena. Forty-five percent of the construction work has been completed.