US company to invest USD 8.33 Million in construction of new plant at Svetogorsk

US company International Paper signed an investment agreement with the Leningrad region administration yesterday to construct a new plant at Svetogorsk pulp and paper mill. As a Rosbalt correspondent reports, this was announced by Regional Governor Valery Serdiukov yesterday. He said that the American company was investing about USD 8.33 million in the construction of the new plant. Construction is expected to get under way in September 2003 and will be complete by 2005-2006.

The Russian government issued a decree on August 19, 2002, scrapping customs duty on A4 paper. Svetogorsk pulp and paper mill is owned by International Paper.