Russia`s BasEl and China`s TangShan seal pulp deal.

KRASNOYARSK, February 18 (Itar-Tass) - Russia's diversified investment
company Basic Element (BasEl) and China's TangShan SanYou XingDa Chemical
Fiver Co. Ltd. have signed a letter of intent to set up a joint venture
and to invest into eco-friendly pulp production at the Yenisei pulp and
paper mill in Russia's East Siberia.
The document was signed within the framework of the Krasnoyarsk
Economic Forum on Friday.
The investments into the project total 300 million U.S. dollars.
Partnership envisions modernization and expansion of pulp production
and introduction of environmentally friendly technologies, including the
production of high-quality unbleached pulp.
The project envisions the development of infrastructure, including the
construction of a new heat and power plant.
"Our partnership opens big opportunities not only for BasEl's pulp and
paper industry, but also the creation of new jobs for the Krasnoyarsk
territory, higher investment attractiveness and new foreign investments
into the development of the real sector of the region's economy and
environment care," BasEl deputy director general Andrei Elinson said.
TangShan SanYou XingDa Chemical Fiver Co. Ltd. is one of China's
biggest fiber producers that accounts for around 10 percent of China's
total fiber output. This company has not been presented on Russia's market
yet.
Basic Element is one of the largest and most dynamic business groups
of modern Russia. It has its assets in many sectors of the economy -
energy, machine-building, finance, construction, aircraft-building and
agriculture. About 250,000 people work at the Group's companies in Russia,
the CIS, Africa, Australia, Asia, Europe and Latin America.
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