Plans to build a large timber processing plant at Ventspils, Latvia have been revealed to the public.
The complex will be built by Ventspils Lumber, founded by Latvia’s Fincross Securities, Britain’s Bayford Enterprises Ltd and the president of Russia’s St Petersburg-based BaltUNEXIM bank, Yuri Ridnik.
The project will be implemented in three phases over several years and the company aims to become a sector leader in the production of pine products to EU standards.
The first phase is due to be running at full capacity by 2004, followed by the opening of a planing and gluing plant by 2005 and an MDF plant by late 2007.
Phase one is destined to have an output capacity of 180,000m³ of sawn planks and up to 110,000m³ of industrial chips for pulp mills.
Timber for the project is likely to be imported from north-west Russia.
