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Business news, 20.04.2004 13:49

60 million euro sawmill to be constructed in Leningrad Region

Sawmill to be constructed in Leningrad Region Finnish timber giant Metsaliito plans to start construction of a timber processing plant worth 60 million euros in the Leningrad Region this summer.

Metsaliito vice president Eero Kytola said at a meeting with Region Governor Valery Serdyukov that construction would start after the signing of a memorandum of understanding with the oblast government.

Vice governor Grigory Dvas said Metsaliito will receive profit and property tax breaks for the recoupment period of the project and two years therafter, Interfax reported.

The plant will be located in the Podporozhsky district of the oblast.

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