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Russian SEZ Titanium Valley attracts new residents and plans to expand

Russian SEZ Titanium Valley attracts new residents and plans to expand

NordBasalt Ltd intends to start building the basalt composite plant in March 2017, and the Finland located Basalt Products BPO Oy will be a co-investor and the main consumer of the products.

As a resident of a special economic zone (SEZ), NordBasalt will get a plot of 2.25 hectares where they are going to build a basalt composite plant with planned annual capacity of 5 thousand tons. It is also planned to establish an engineering center to develop basalt technologies.

The construction is estimated at 2.06 billion rubles.The new plant is scheduled to launch production in March 2018, and to reach the project capacity approximately in December 2018.

SEZ Titanium Valley was founded in December 2010, in total, the project raised about 2.8 billion rubles (including 1 billion funded by the federal budget). But none of the residents have started production so far. In 2016 Titanium Valley avoided liquidation, as it was recognized conditionally effective.

In September 2016 the Sverdlovsk Oblast authorities were empowered to manage SEZ and are considering a request for the second phase, increasing equity stake through purchasing the shares. On the 29th of December, the government of the Sverdlovsk Region adopted a draft decree “On purchase of SEZ Titanium Valley’s ordinary shares in the Sverdlovsk region state treasury in the amount of 40 million rubles”. It is planned to invest additional 160 million rubles in 2017.

 

About Olga Yurchenko

Olga Yurchenko
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