Mikhail Shamolin, President of Segezha Group, and Arthur Parfenchikov, Head of the Republic of Karelia, signed a letter of intent for the implementation of the “Segezha West PPM Construction Project”.
The project has received an estimated RUB 178 billion in investments. Upon completion, the complex is projected to have an annual production capacity of 1.5 million tonnes, bringing 700 high-tech jobs to the region. The facility will process pulpwood from Karelia and foster growth in non-commodity exports and import substituted products with high-added value.
It will also support ecology in the city of Segezha, improve the city’s heat and power supply, and allow Segezha Group to expand its charitable initiatives in the region to improve the wellbeing and socio-economic levels of the local community.