Cost of Titanium Valley electrometallurgical facility put at 37 bln rubles

MOSCOW. Dec 12 (Interfax) - Investment in the construction of an electrometallurgical facility at the Titanium Valley special economic zone (SEZ) in Alapayevsk, Sverdlovsk Region will total about 37 billion rubles, Sverdlovsk Deputy Governor Dmitry Ionin said in an interview with Interfax.

"The facility will be built almost completely with the investor's money, not with budget investment," Ionin said. This is an import substitution project, as metal companies need certain products that were previously imported, he said, adding that the "planned amount of investment is about 37 billion rubles," he said.

Sverdlovsk Region is also planning to create an additional SEZ site in the Sysertsky municipal district that could see "tens of billions" of rubles of investment, Ionin said.

Applications for the two sites are now being prepared, he said. It was reported earlier that the combined area of the future sites in Alapayevsk and Sysertsky municipal district could total 240 hectares.

Residents of the SEZ are expected to invest 22.5 billion rubles by 2024 out of the more than 50 billion rubles of investment announced.

The Titanium Valley SEZ covers a total of 400 ha. The first phase of the zone is located in Verkhnyaya Salda and the second is located on the land of the Uktus airport (96 ha). The project to create the Titanium Valley industrial manufacturing SEZ began in 2010 and the zone now has 21 residents.