16 Jan 2018 11:01

China Poly Group, Kubanmaslo-EMZ to invest up to 3.5 bln rubles in soybean, rapeseed processing plant

TULA. Jan 16 (Interfax) - The project to build a soybean and rapeseed processing plant in Tula Region that is now being worked out by China Poly Group Corporation and Russia's LLC Kubanmaslo-EMZ will cost up to 3.5 billion rubles, the region's agriculture minister, Dmitry Milyaev said at a regional government meeting on Monday.

"Poly Group has already begun compiling a list of the main process equipment and preparing a commercial proposal for its cost. According to the preliminary estimate, the overall amount of investment will total about 3 billion-3.5 billion rubles. The production facility will make it possible to create more than 120 new jobs," Milyaev said.

"Work on implementing the project is proceeding according to the set objectives and schedule," he added. He did not specify when the plant will open.

Poly Group and Kubanmaslo-EMZ signed an agreement in December 2017 to build the plant in Tula Region, as well as trilateral protocol with the regional government regulating further joint activities.

Milyaev said earlier that Poly Group intends to participate in the implementation of a number of agribusiness investment projects in Tula Region with Russian companies, including the construction of a turn-key soybean oil plant. The Chinese company plans to sell the plant's products in its home market.