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Last updated at: (Beijing Time) Thursday, December 19, 2002

China, Russia to launch JV to Produce Paper Pulp

China's northernmost Heilongjiang province is expected to set up a joint venture with Russia to produce paper pulp in Russia's Khabarovskiy Kray region on the Chinese border, according to a local official.


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China's northernmost Heilongjiang province is expected to set up a joint venture with Russia to produce paper pulp in Russia's Khabarovskiy Kray region on the Chinese border, according to a local official.

The province's Jiamusi Paper Group had signed a contract of intent with the forest industry department of Khabarovsky Kray, said Wang Jing, an official from the group, on Wednesday.

The venture's production capacity was designed to reach 500,000 tons of pulp every year, Wang said. The Russian side would invest in its existing workshops and equipment while the group would provide capital, technology and the additional equipment.

The joint venture, named the Amursk-Huaxia Paper Pulp Mill located in Amursk city, would be built in two phases. The first stage to turn out 200,000 tons of pulp is scheduled for completion by the end of 2006 while the second 300,000-ton phase would be completed by 2009.

Wang noted that the joint venture would absorb two billion yuan (about 240 million US dollars) of investment in the first phase and the feasibility report had been completed.

Nevertheless, he added, the stock division between China and Russia were unknown.

Russian authorities had promised to offer utmost preferential policy to the joint venture under its laws and regulations, Wang said.


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