The administration of the Leningrad Region and the Svetogorsk pulp and paper plant have signed an investment deal that is worth USD 250 million. This was announced by the press office of the regional administration. According to the agreement, the investment programme will mean that more pulp will be produced from deciduous wood and also a timber yard will be constructed on the territory of the Svetogorsk plant.
At present time the Svetogorsk pulp and paper plant only occupies about 10% of the territory that it actually needs but the new agreement will mean that more land can be leased from the forestry commission. The plant specialises in the production and sale of printed paper, wrapping paper and timber products. US corporation International Paper owns 80% of shares in the enterprise and the remainder is owned by Tetra Laval, which controls the production of wrapping paper.