PAN Papirna Industrija, Chinese Investors to Build New P&P Mill in Croatia
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Croatian-based PAN Papirna Industrija, together with China International Investment Stock, will build a new pulp and paper mill in Slatina, in northeast Croatia, EUWID Pulp and Paper, Germany, reports. According to PAN Papirna Industrija, a financing agreement worth EUR 320 million has already been signed with the Chinese investment group who will hold a 70% stake in the joint venture company Dravacel. The other 30% will be held by PAN Papirna Industrija.
Construction of the greenfield facility is to start in April next year and the entire project is scheduled for completion in 2015, Marinko Mikulić, CEO of PAN Papirna Industrija told EUWID. Upon completion, Dravacel would have a production capacity of 250,000 metric tpy of pulp and 330,000 metric tpy of coated graphic paper. The new mill also would produce up to 200,000 metric tpy of recycled and virgin-fiber packaging paper at the Slatina site, once the company had transferred and refurbished the paper machine from its paper mill in Zagreb, which is scheduled for closure in the middle of next year, Mikulić explained in the EUWID report.
Dravacel will reportedly use a perennial grass hybrid, miscanthus giganteus, as a feedstock for pulp and paper production. In addition, a geothermal power plant is to be build at the site to provide power to the pulp and paper mill.
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