INTEKO to invest RUB8bn in cement plant reconstruction

INTEKO to invest RUB8bn in cement plant reconstruction
Published: 24 April 2007

Moscow-based company INTEKO has decided to invest about 8 billion rubles out of own funds and external loans in modernization of the production of Verkhnebakansky cement plant (Krasnodar Region).

Yelena Baturina, a president of CJSC INTEKO, and Alexander Tkachev, a chief executive of Krasnodar Region, signed The Cooperation agreement in the field of realization of the investment project in Krasnodar Region.

In early 2006 INTEKO got possession of JSC Verkhnebakansky cement plant located in Krasnodar Region (Novorossiysk suburb). For the moment INTEKO has invested about $200 million in the reconstruction of JSC Verkhnebakansky cement plant as well as LLC Atakaytsement located also in Novorossiysk suburb and possessed by Mrs Baturina’s company.

The cooperation agreement between INTEKO and Krasnodar Region stipulates the construction of a modern line of all-dry cement production at Verkhnebakansky cement plant. As a result of reconstruction, the plant capacity is to reach 2,265 million tons per a year. Verkhnebakansky cement plant is scheduled to launch the project capacity in 2010.