23 Apr 2019 18:28

SPIC with Peugeot-Citroen might not be signed for three months - Manturov

ST. PETERSBURG. April 23 (Interfax) - A special investment contract (SPIC) with Peugeot-Citroen might not be signed for three months, Russian Industry and Trade Minister Denis Manturov told reporters.

"It usually takes around three months to sign an agreement. It is physically hard to do it in less, to coordinate things with all parties and the inter-departmental commission itself, and things need looking at and so on, the materials we receive need analyzing," Manturov said, when asked when the SPIC might be signed. He also said he was not familiar with the application for a SPIC.

Peugeot-Citroen (PSA) said on Monday that it had filed a request for the conclusion of SPIC with the Russian Industry and Trade Ministry aimed at "supporting the development of PSA brands in Russia and modernizing production."

"Local production is a priority for PSA and part of its long-term strategy in Russia. We are prepared to invest in the Russian economy due to the development of new projects and implementation of new technologies, expansion of production and exports. The potential of our plant in Kaluga and high-quality production will facilitate the successful development of the auto industry in Russia," PSA quoted Yannick Bezard, its Operational Director for Eurasia, as saying in a statement.

Thus far, "there is no comment" on investments and other details of the contract prior to the signing of the SPIC.