Russia’s Ilim Group may invest $2 bln in production over 5 years

ST. PETERSBURG, Mar 29 (PRIME) -- Russian pulp and paper producer Ilim Group plans to invest over U.S. $2 billion in production expansion over the next five years, the company said in a statement on Tuesday.

“We have experience in implementing large-scale investment projects, we know how to do it properly. We have set an ambitious goal – to invest over $2 billion in expansion and modernization of production,” it said citing CEO Franz Marx.

The company plans to increase annual output by over 500,000 tonnes in the next five years.

Ilim Group plans to increase output of its production site in the city of Ust-Ilimsk in the Irkutsk Region by over 100,000 tonnes in 2016–2020, while production of its unit in Bratsk, also located in the Irkutsk Region, is likely to rise by over 300,000 tonnes, and output of its plant in Koryazhma in the Arkhangelsk Region will be increased by 130,000 tonnes.

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