VEB, the Administration of the Primorsky Territory, Yug Rusi Company and OJSC the Chinese Engineering Corporation CAMCE agree to cooperate

In the course of the Eastern Economic Forum in Vladivostok, Vnesheconombank, the Administration of the Primorsky Territory, Yug Rusi Company and OJSC the Chinese Engineering Corporation CAMCE entered into an agreement on cooperation.

The parties intend to assist in raising investments for the Primorsky Territory’s economy and in implementing investment projects in the field of constructing high technology and socially significant production facilities. Top priority is to be given to developing the region’s raw materials base to increase production of such grain crops as soybeans, oil seeds and their deep processing.

The parties intend to implement a project on the construction of a soybeans and oil seeds deep processing production facility with a capacity 3 thousand tons per day and organize an oil refining production facility and a vegetable oil packaging facility on the outrunning growth territory “Mikhailovsky in the Far East Federal District. At present, the project’s total value is 11.7 billion rubles. There are plans to raise funds from Chinese financing institutions.

The project’s implementation would help to develop industrial production and agriculture in the region and make it possible to create about 10 thousand jobs and expand import substitution capabilities.

In August of 2015, the Russian Government approved the creation of a territory of outrunning socio-economic development – Mikhailovsky. Mikhailovsky is to specialize in deploying major agricultural production facilities and centers for logistics and deep processing of agricultural products.

Press Office of VEB
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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