Chinese – Romanian partnership to create EUR 500 mln paper production facility in Cluj – Napoca county

A Chinese – Romanian public- private partnership will fuel the development of a EUR 500 million production unit for cellulose and paper at the Somes Dej factory in Cluj – Napoca county. Chinese company Avic International Holding will partner SCR Romania, the majority shareholder in Somes SA Dej. The Romanian company will have to invest EUR 150 million into the project. The investments will be carried on by 2014, increasing the production capacity in the existing factory from 70,000 tonnes a year to 350,000 tonnes a year. In a second investment stage, the production capacity will reach 500,000 tonnes a year. This is the biggest Chinese investment in Romania so far. Avic International Holding Corporation, headquartered in Beijing, owns six stock exchange listed companies and 60 international offices, totaling 450,000 employees. The company targets a a EUR 200 billion turnover by 2017. SCR Grup, owned by Romanian businessman Stefan Vuza (in picture), posted a turnover of EUR 192 million last year. Stefan Vuza ranks among Romania's richest business people, placed on the 23rd position in the Top Capital 300 Richest Romanians, with an estimated wealth of EUR 250 million and 32nd in the Forbes 500 Romanian Billionaires, with an estimated wealth of EUR 170-175 million. editor@romania-insider.com