China to Launch Largest Lumbering Project in Russia's Far East

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Last updated at: (Beijing Time) Monday, July 07, 2003

China to Launch Largest Lumbering Project in Russia's Far East

Three Chinese enterprises have decided to jointly invest 2.3 billion yuan (278 million US dollars) in a lumbering and wood processing project to be launched in Russia, industry sources said Monday.

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Three Chinese enterprises have decided to jointly invest 2.3 billion yuan (278 million US dollars) in a lumbering and wood processing project to be launched in Russia, industry sources said Monday.

Foreign trade officials said this is the largest project of itskind Chinese enterprises invest in Russia's Far East region.

Under an agreement signed over the weekend, Heilongjiang Star Paper Co., Ltd., Zhuhai Zhenrong Company and Heilongjiang Huacheng International Economic & Technological Cooperation Co., Ltd., willlaunch the project in Russia's Chita Region (Chitinskaya Obl.) in the second half of this year.

The project, scheduled for completion in 2008, will have a lumbering capacity of 2 two million cubic meters per year. Some 1.5 million cubic meters of logs will undergo deep processing locally for the production of 300,000 cubic meters of quality timber and 400,000 tons of quality paper pulp.

Heilongjiang Province in northeast China is the major cooperative partner with Russia in developing forest resources. Last year, enterprises from Heilongjiang lumbered a total of 700,000 cubic meters of wood in Russia's Far East, and more than 300,000 cubic meters were processed locally, according to statistics from the provincial forestry department.

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