Energomontaz-Poludnie's $20 million recycling plant

Energomontaz-Poludnie has signed a letter of intent for construction of a waste recycling plant worth at least $20 million in the region of Kaliningrad in Russia. The company will formulate a business plan, design the project, construct the facility, equip it, and train its employees. "I predict the final contract will be signed by the end of the first half of 2001, and the investment should be completed in the course of 18 months," said Energomontaz-Poludnie president Jerzy Wcislo. He also added that the contract is secured, since a loan has been guaranteed by a bank ranking in the world's top 50. Energomontaz-Poludnie has also signed an agreement with Hölter Technologies Holding AG, located in the U.S.,. regarding co-operation in acquisitions and construction of waste treatment plants in Poland and Eastern Europe. "I predict we will sign the first joint contract between 2000 and 2001," said president Wcislo. His company has also won the tender for buying a building site in Katowice worth zl. 16 million. "We have many plans for this site, one of the most valuable in Katowice, of which one is a housing estate," he added. (Parkiet, p. 7) M.M.