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The document was signed on Thursday, February 14th, in the framework of the Russian Investment Forum held in Sochi.

The protocol of mutual cooperation intent was signed by the Governor of Penza region Ivan Belozertsev, director general of “Tekhnocord” LLC. Andrey Zakharchenko and a representative of COFCO CORPORATION Zhou Renkai.

The question of foreign partners’ participation in implementing an investment project of deep wheat processing factory construction was preliminarily discussed in December 2018 during a working visit of a delegation from Penza region to China.

At the present time the project is at the stage of factory design, which is to finish by mid 2019. The investor is “Tekhnocord” company – a resident of Priority Development Area in Serdobsk and “Serdobskiy” industrial park. The project cost is 20 billion rubles (disregarding the building of a motor road, a railway pit and a collector), the estimated employment – 682 employees, the raw product capacity – 275 thousand tons per year.

“Taking into account that in recent years Penza region has been ranked among the leaders in crops growing volumes and capacity in Volga Federal District, the expedience and economic substantiation of the given project is obvious, - pointed out Ivan Belozertsev. – This project is promising also from the point of view of finished product marketing. Gluten, glucose-fructose syrop, treacle, citric acid, yeast-based forage, bran will undoubtedly be in demand in Russia and shipped to China and other foreign countries”.

“I sincerely hope that our esteemed Chinese partners will demonstrate even greater activity becoming the main supplier of equipment for treacle, GFS and citric acid production shops, mill and elevator equipment, bran and forage granulating lines” – added the Governor.

The parties also discussed issues of shattered wheat export to factories of COFCO Group – one of the China’s largest food commodities producers.

“The internal demand on wheat in the region is considerably less than the production volumes, - mentioned the Head of the region. – In Penza region there is a surplus of crops that we are ready to supply to china. We have also offered out Chinese partners to establish plants producing equipment for food industry in the territory of Penza region”.

“Penza region is among the country’s leaders by a number of agricultural indicators, therefore there is no doubt that agricultural processing equipment will be in demand both in our region and in adjacent regions with agricultural orientation” – he concluded.