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Veda: USD 190 million glass plant project suspended

Russia“s Veda.Obyedinyonnyye Kompanii (Veda.United Companies) has “frozen” its project to build a USD 190 million RoSteklo flat glass plant in the Novgorod Region, Veda executive director Zhanna Bula…

Russia“s Veda.Obyedinyonnyye Kompanii (Veda.United Companies) has “frozen” its project to build a USD 190 million RoSteklo flat glass plant in the Novgorod Region, Veda executive director Zhanna Bulavchik told journalists on 6 December 2005. Ms. Bulavchik attributed the move to disagreements with the Novgorod Regional government on environmental issues. Construction of the plant has not yet started and the project was “frozen” at the planning stage, she said. In February 2005, the project was suspended because of the death of Veda chairman Kirill Rogozin, who was responsible for construction-related negotiations with the government. It was forecast that the plant would produce 16.5 million square meters of flat glass a year. The first production line at the plant was expected to be launched in July-September 2006 and the line in 2007. Veda.Obyedinyonnyye Kompanii holds assets in glass, soft drinks and liquor production, as well as two distribution companies in Moscow and St. Petersburg and various investments in real estate and construction. The company is managed by OOO Veda Sistema (Veda System Ltd.).

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