Construction of a cement plant with an annual capacity of 1.3Mt has begun in Iskitim, the Novosibirsk Region (Siberia). The project is financed by the Siberian Bank (Sibbank), a subsidiary of Russia’s largest state-run savings bank Sberbank.
The plant is to be put into operation in April 2010.
According to Sibbank Chairman Vladimir Vorozheikin, this is the region’s largest industrial project in terms of investments: the bank has opened a credit line of RUR5.5bn ($233mn, or €149mn) for a term of nine years to build the plant.
The operating facility and the new production line of the local cement company IskitimCement will produce 3.3Mta of cement.