Chinese co to create $5 bln metals cluster in Primorsky Region

VLADIVOSTOK, Dec 19 (PRIME) -- Chinese company Debang Guangdong plans to create a U.S. $5 billion cluster for deep processing of steel in Russia’s Primorsky Region, Yao Xiaodong, chairman of the board of directors, told reporters on Tuesday.

“We want to set up a metallurgical production base in the Primorsky Region. The territory of the Far East has resources that are necessary for the project – warm-water ports that allow for expansion to countries of Southeast Asia and India,” he said, adding that the company plans to use tax preferences for investors into Russia’s Far East.

Under the first stage, a production base with an annual capacity of up to 1 million tonnes of products and investment of up to $500 million will be created. The facility will reach an annual capacity of 5 million tonnes under the second stage and 10 million tonnes under the third stage.

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