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Vnesheconombank, MAN Ferrostaal AG and Russia’s Union of Timber Industrialists and Timber Exporters Sign Agreement

15 february 2008 года
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Today, on February 15, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, MAN Ferrostaal AG and Russia’s Union of Timber Industrialists and Timber Exporters signed an Agreement on Establishing a Joint Investment-Engineering Company in the timber industry.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, MAN Ferrostaal Board Director Matthias Mitscherlich and Russia’s Union of Timber Industrialists and Timber Exporters Vice President Andrei Frolov.

The three sides are determined to establish a joint investment-engineering company – RUSLES – Engineering for designing and turnkey construction of new modern timber processing facilities with the use of advanced technologies in pulp-and paper and timber processing industries.

Under the Agreement the projects carried out by the Company would help speed up the expansion of domestic production facilities designed to deeply process wood, manufacture high value-added products, make domestic timber and paper products more competitive, promote Russia’s national interests in the world’s trade in timber and minimize negative impact of newly established timber processing facilities on the environment. The operation of the company to be established would allow to ensure sustainable, balanced development and rebuilding of Russia’s timber resource base in order to avoid a gap between the expanding timber industry’s demand in timber resources and their supply.

Vnesheconombank’s participation in establishing the said company is in line with the Bank’s principles, its main lines of business and industrial priorities (timber processing industry) stipulated in Vnesheconombank’s Memorandum on its Financial Policy and it is also aimed at implementing the Concept of Developing Russia’s Timber Industry for 2003 – 2010 and the Federal Target Program “ Expansion of Production Facilities for Deep Timber Processing and Development of New Timberlands for a Period till 2015.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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