On 10 October in Moscow, a trilateral agreement on cooperation was signed between the Bank of Moscow, the Republic of Karelia and the forestry holding Investlesprom. The document was signed by the president of the Bank of Moscow Andrei Borodin, the head of the Republic of Karelia Sergei Katanandov and the general director of the holding company Investlesprom Dmitry Maslov. The Bank of Moscow is a major creditor of the Karelian enterprises Investlesprom, and has issued them a total of 3.3 billion rubles in finances. The bank intends to provide necessary methodological aid in future in development and coordinating Investlesprom investment projects, and developing schemes for financing them.
The Republic of Karelia, according to the Agreement, undertakes to conduct a policy directed towards developing production which allows a reduction in export of untreated timber and pulp chips. Without infringing the rights and interests of other investors, the Republic of Karelia will provide the Investlesprom holding with equal opportunities to realize strategic plans.
Investlesprom is a major investor in the forestry industry complex of Karelia, and accounts for over 20% of timber felled in the republic, with the revenue from its filial enterprises in Karelia exceeding 14 billion rubles. In 2007 alone, the holding invested over 1.1 billion rubles in the forestry industry complex of Karelia, including the project of rebuilding paper-making machine №9 at the Segezh pulp and paper mill, and also buying equipment and building roads in order to develop logging.
The strategic five-year plan of the holding enterprises (2007-2012) which are located in the republic of Karelia envisages investment of over 20 billion rubles, mainly in reconstruction of the Segezh pulp and paper mill, increasing its output to 600,000 tons of cellulose. Realization of these plans will make it possible to create over 3,000 jobs – both at holding enterprises and at adjoining operations, increase volumes of timber felled, double its volume of processing on the territory of the Republic, and strengthen the tax base.
In the Segezh, Muezersky, Kostomukshsky and Medvezhegorsk regions, it is proposed to increase the volume of timber felling by over one and a half times and raise it, including by intensification of forest management, to 2 million cubic meters per year. Of this volume, over 1 million cubic meters will be processed at sawmills in Muezersky, Segezh and Medvezhegorsk. Furthermore, together with the forestry industry holding Karellesprom, the holding has created a joint enterprise to develop an investment program for the Pudozhsk region of the Republic of Karelia.
This news was prepared by the Editorial Board of the "Russian Forestry Review" magazine
www.RussianForestryReview.com
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