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Segezha Group joins forces with VEB.RF to create a state-of-the-art pulp and paper industrial cluster in Karelia

On June 4, at the St. Petersburg International Economic Forum (SPIEF 2021), Chairman of the Board of Directors of Segezha West (part of Segezha Group, a Sistema Company), Artem Dovlatov, Deputy Chairman of VEB.RF, and Anton Perin, Senior Vice President of VEB.RF, signed an agreement for the joint construction of a new pulp and paper plant in the Republic of Karelia.

Segezha group and partners to realise a giant 1.5 million tpy pulp and paper mill and create 700 jobs in the region.

Segezha Group has signed an agreement with Russia’s national economic institution VEB.RF for a joint construction of a new pulp and paper plant in the Republic of Karelia. The “Segezha West” project is to be realised at a total cost of RUB178bn.

Financing for the construction of the plant will be provided by VEB.RF Group. The project will carry out deep processing of pulpwood from Karelia and will enable growth in non-primary exports for high value-added products.

In December 2020, Segezha Group signed a trilateral agreement with the Russian Ministry of Economic Development and the Republic of Karelia to protect and promote investments. The Company also received residential status in Russia’s Arctic zone.

Artem Dovlatov, Deputy Chairman of VEB.RF: “VEB.RF, as a crucial financial development institution, actively supports investment projects in the Arctic zone. We aim to become a powerful driver of the Arctic’s socio-economic development, to unlock the potential of this region.”

Mikhail Shamolin, Chairman of the Board of Directors of Segezha West: “Our goal in Karelia is to build a modern biotechnical complex that allows for the highest possible conversion of raw wood materials. We also intend to address ecological issues in the city of Segezha and provide local residents with energy and heat supplies. This is an ambitious task that requires the pooling of efforts, including from the banking sector.”

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