Europe's Largest Paper Mill

Vologda, Russia 03 May 2013 -- Russian Sveza Group of Companies, owned by the billionaire Alexei Mordashev, plans to invest up to 60 billion rubles (USD$2 billion) in the building of a paper mill in Russia’s Vologda region, according to governor of the region Oleg Kuvshinnikov.

Oleg Kuvshinnikov comments:

"We have already signed an agreement with the investor. This is a group of companies Sveza, which is owned by Alex Mordashov, head of Severstal, one of the world’s largest steel producers and has already been presented of Russia’s President Vladimir Putin. Total volume of investments is estimated at $2 billion. This is expected to be the larges paper mill in Europe".

Other details of the project are not disclosed.

The implementation of the project is expected to be part of a larger project for the establishment of a closed timber cluster in the Vologda region.