RusForest signs long-term contract for 60,000 tons of wood pellets--majority of company's annual pellet production--from mill in Arkhangelsk, Russia; pellets to be sold through leading trading house, are expected to be used in European power plants
June 23, 2014
– RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, has signed a long-term contract for pellet sales from the Company’s LDK-3 wood pellet mill in Arkhangelsk.
RusForest has entered into a sales contract for 60,000 tons of pellets, a majority of the Company’s annual pellet production. The pellets will be sold through one of the leading trading houses focused on bioenergy and are expected to be used as fuel in various European coal-fired power plants. The sales agreement will be complemented by spot market sales of the Company’s pellets.
Matti Lehtipuu, the Company’s Group CEO, commented, “We are very pleased to partner with a leading player in the European wood pellet business. This sales contract gives us access to the key consumers of industrial pellets in Europe and helps us build a track record as a reliable pellet supplier to the European market.”
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products and wood pellets. RusForest is listed on NASDAQ OMX Stockholm First North (ticker “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Securities AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00
- See more at: http://globenewswire.com/news-release/2014/06/23/645752/0/en/RusForest-Announces-Long-Term-Contract-for-Pellet-Sales-from-Arkhangelsk.html#sthash.G5qzQoF1.dpuf