Russians and Finns to invest $US 1.5 billion in timber
Finnish forest industry group UPM and Russia's
Sveza Group, controlled by Aleksey Mordashov, have agreed to invest $US
1.5 billion in a pulp mill joint venture.
The companies will build a state-of-the-art forest industry facility in the Vologda region of north-west Russia.
The industrial complex will include a modern pulp mill, a saw mill and an OSB building panels mill.
The total investment in the facilities will exceed $US 1.5 billion.
“Russia’s timber industry has huge
potential. In order to fulfill this potential substantial investments
are needed. Our project is one of the first major projects of that
kind. It's also the result of the state policy to bring investors into
Russia’s timber business,” commented Aleksey Mordashov, the Chairman of Severstal Group, which includes Sveza.
Finnish forest industry group UPM and Russia's
Sveza Group, controlled by Aleksey Mordashov, have agreed to invest $US
1.5 billion in a pulp mill joint venture.
