Russian Government did not endorse Sveza’s investment project for the construction of a wood pulp mill at Rybinsk Reservoir

Prime Minister Mikhail Mishustin said that the Government of Russia did not consider it appropriate to build a wood pulp mill on the banks of the Rybinsk Reservoir. Along with that, Mr. Mishustin noted that Sveza Group had not provided documents that would refute the eventual environmental damage to the region.

The total project cost was estimated at $2.8 billion, the output – at 1.3 million tons of wood pulp per year. The Russian Direct Investment Fund (RDIF) and Mubadala Investment Company, a UAE sovereign wealth fund, had been considering the option of joint investments for the project. Sveza may transfer the construction of the wood pulp mill to other regions where it owns assets.