Stora Enso abandoned the intention to expand its production facilities in the Novgorod region

The Finnish company abandoned the intention to update and expand the production facilities of Setnovo LLC, its subsidiary company in the Novgorod region. Investments in the project were estimated at 520 million rubles.

According to Novy Prospekt, the reason for the decision was the ban on the export of roundwood to become effective from January 2022 as well as the instability of the Russian legislation.

The investor intended to update the production lines of Setnovo, a timber processing plant, in 2 years to increase the output of planed sawn timber to 50,000 m³ per year and of wood pellets – by 14,000 tons per year, which is almost by a third.