OmskSteklotara, a unit of Russian glass container manufacturer RusGlass, has resumed financing the construction of a bottle plant in the Omsk Region, according to the regional industrial policy minist…
OmskSteklotara, a unit of Russian glass container manufacturer RusGlass, has resumed financing the construction of a bottle plant in the Omsk Region, according to the regional industrial policy ministry on 29 June 2009. According to the ministry, the company plans to invest RUB 140 million in June and July, while in June, it repaid a debt of about RUB 120 million to suppliers and subcontractors. The launch of the plant, which was initially planned for June 2008, is now planned for late December 2009, with production of 600 million bottles annually expected to start up in January-March 2010. RusGlas had previously estimated construction cost of the plant at EUR 100 million to 130 million. Construction of the plant, which started two years ago, was also financed by a RUB 500 million loan from Russia“s Avangard Bank in December 2007.