VLADIVOSTOK, July 4. /TASS/. The DLPC Company, a business resident of the free port of Vladivostok, signed an investment agreement with the Corporation for the Development of the Far East and the Arctic on construction of a wood chipping plant in the Primorsky Region to make 24,000 tons of wood chips per month. The company will invest 104 million rubles ($1.3 million) in the project, the corporation said.

"DLPC, a business resident of the free port of Vladivostok, will commission a woodworking facility in 2030. The product - wood chips from coniferous and deciduous species - will be used in the pulp and paper production. The monthly capacity will be 24,000 tons of wood chips. Under the agreement with the Corporation for the Development of the Far East and the Arctic, the company will invest 104 million rubles and will create 20 jobs," the corporation said.

The company will purchase two wood processing and chip making lines, as well as special equipment, including logging trucks and loaders. By deep processing, the company will make high-quality product free from soil, sand and other impurities, DLPC's CEO Maxim Savitsky said. Chips of the kind are used in the pulp and paper production. By now, the company has inked two agreements on the product's supply to China.

According to the corporation, the Primorsky Region's business residents are implementing 39 projects in forestry and pulp and paper.