FAR EAST DEVELOPMENT FUND TO SUPPORT A SOYBEAN PROCESSING PLANT PROJECT IN THE AMUR REGION
22 June 2016
Amuragrocentre and the Far East Development Fund have signed a cooperation agreement for delivering an advanced soybean processing plant in SEZ Belogorsk in the Amur Region.
Amuragrocentre, represented by its CEO Alexander Sarapkin and the Fund, represented by its General Director Alexei Chekunkov, signed an agreement on the sidelines of the St. Petersburg International Economic Forum.
The planned capacity of the new plant is 240,000 tonnes a year. The SEZ Belogorsk resident plans to complete construction of the first phase of an advanced soybean processing plant by the end of the year. As part of the second and third phases, soybean oil, dietary and fodder protein meal, and lecithin production lines will be launched, as well as Russia’s first soya protein isolate line.
The project is estimated at RUB 5.8 billion. The Far East Development Fund is considering the possibility of opening a 10-year credit facility to the tune of RUB 2.14 billion rubles for the project initiator, at an annual interest rate of 5%. “Support for import substitution projects is one of our key priorities. Currently, 100% of soya isolate is imported. Construction of the plant will lower the Russian food industry’s dependence on imported soya isolate and other soybean processing products. Some products may be exported to China,” said FEDF General Director Alexei Chekunkov.
According to Amuragrocentre CEO Alexander Sarapkin, the soybean processing plant construction project will help in providing quality fodder for Russia’s Far East. Launch of the new production lines will allow the GRP of the Amur Region to increase by RUB 16.7 billion, which will mean an increase of RUB 1.5 billion in tax revenues and creation of 560 new jobs in the Region.