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Rusagro scraps $300 million greenhouse project

On November, 18, 2016 the Board of Directors of Rusagro made the decision to cease their $300 million greenhouse project, announced in March. The project was highly dependent on government support, which the Board expects to be insufficient in the coming years to guarantee reasonable pay-back period.

Rusagro, a major pork, fats and sugar producer, this year unveiled the plans for a greenhouse project in the central Tambov region, with the aim of producing vegetables even during Russia's harsh winters, so reducing dependence on imported food.

"There are projects which we will implement in any case - with or without state support. But not greenhouses," Rusagro Chief Executive Maxim Basov said in an interview at the Reuters Russia Investment Summit.

For more information:
Rusagro
Tel.: +7 495 363 16 61
AVSkvortsov@rusagrogroup.ru
www.rusagrogroup.ru