The timber holding Segezha Group and the Russian branch of the Chinese Bank Industrial and Commercial Bank of China (ICBC) signed an agreement on the opening of a revolving credit line for two years with a limit of 2 billion rubles

This was reported on the official website of Segezha Group. The company needs the money to Finance the current activities of Segezha Group and is attracted in rubles.

“We consider the opening of a credit line in a Chinese Bank as the beginning of mutually beneficial cooperation between the company and the business community of China,” Segezha Group representative conveyed the words of the company’s President Mikhail Shamolin. The South-Eastern macroregion is “the most promising for business»

According to Mr. Shamolin, “in the nearest plans of the company expansion of exports of sawn wood and paper in China, a partnership for the development and reconstruction of existing production facilities, cannot exclude the elaboration of the project of establishing a joint venture for the production of paper packaging in China.”

In 2018, Segezha Group exported to China more than 300,000 cubic meters of wood products (a third of the total volume of timber sold and exports) and 8000 tons of pulp and paper products (about 5%), according to the company’s representative.