ChTPZ Group To invest Rub 8 bln

On February 27, 2008, the Kirov Oblast Government and ChTPZ Group entered into an agreement under which the Group would set up a timber industry holding in the Kirov Region.

According to the declared intents, by 2010, ChTPZ Group would have built in Vostochny Settlement, Omutninsk District a logging facility having the annual capacity of at least 1.1 mln cub. m, a woodworking plant capable of producing 500 thousand cub. m of oriented strand board (OSB) a year, and a wooden structural elements plant having the capacity of 237 cub. m a year. The amount of ChTPZ Group’s investments in setting up the holding would be at least RUB 8 bln.

In its turn, the Kirov Region Government is planning to render its full support for the ChTPZ Group project within the region, including assistance in providing required forest resources and land lots for the project in order to place new manufacturing facilities there.

Commenting on the agreement, Chairman of ChTPZ OJSC Board of Directors A.A. Fedorov expressed his gratitude to the Region’s Government for the credence and support and told that he was sure that the project for setting up of a state-of-the-art logging complex and Russia’s first OSB plant in the Kirov Oblast would be a success.