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Japan’s Mitsui, Russia’s Severstal sign agt on setting up of JV in St Petersburg

September 13, 2011, 20:12 UTC+3
The joint venture’s chartered capital will amount to 970 million roubles (2.5 billion yens)
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TOKYO, September 13 (Itar-Tass) —— Japan’s Mitsui concern and Russia’s Severstal have signed an agreement on the construction of a centre for the production and sale of rolled metal products. The centre will be created in the town of Vsevolzhsk, Leningrad region, the press service of the Japanese company said on Tuesday.

Mitsui will be the first shareholder of such a centre in Russia, the press service said. The joint venture’s chartered capital will amount to 970 million roubles (2.5 billion yens). About 25 percent of the fund will belong to the Japanese company, and 75 percent – to the Russian partner. Proceeding from the ratio, the sides will make investments in the project.

The commissioning of the joint venture is slated for the middle of 2013. Its designated capacity will make up 170,000 tonnes of rolled metal products.

According to experts, the Mitsui company made the decision to set up the new facility in the Leningrad region, as there are plants of such world’s carmakers as Toyota and Ford near St. Petersburg.

Mitsui hopes that the above-mentioned facilities will be the major consumers of its products, the press service said.

Experts are confident that Mitsui’s experience in the management of such centres jointly with the growth of the Russian car market should yield success to the project.

Proceeding from earlier reports, starting from 2012, the Mitsui concern, which is interested in Russia’s market, plans to take part in the Toyota-Sollers joint project for the production of cars in Vladivostok. The project envisages that car production will reach 30,000 cars a year.

 

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