Russian oldest paper mill to be renovated in resort real estate

A former Baikal PPM . Photo: TASS

The Russian financial corporation VEB.RF, which has recently acquired the property of the Baikal Pulp and Paper Mill (BPPM), one of Russia’s largest paper mills, plans to invest about RUB 60 billion (US$817 million) plans to establish resort real estate on the territory of the former mill.

 

This project can be implemented with the structures of the former owner of the plant, Oleg Deripaska.

 

Building of real estate and recreational zone will be part of the master plan for Baikalsk, developed by VEB.RF together with the authorities of the Irkutsk region and the city.

 

In 2013, the plant was closed due to the negative impact on the ecology of the lake. At the same time, the company's debts in the amount of 1.75 billion rubles were acquired by VEB.RF. In April 2021, a subsidiary of VEB bought the property of the plant and the area under it for 330 million rubles.

 

By: Eugen Gerden