"Latgran" opens EUR 14.6 million worth plant

RIGA, Oct 28 (NOZARE.LV) - The leading wood pellet producer in Latvia, "Latgran" has opened a new wood pellet plant worth EUR 14.6 million, newspaper "Dienas Bizness" reports.

The new plant is the largest investment in Kraslava Region over 25 years. The construction of the plant began already last fall. "Latgran", which already is the largest wood pellet producer in Latvia, hopes that the new plant will further consolidate its market positions.

The new plant is Karsava is "Latgran's" third, the company already has wood pellet plants in Jaunjelgava and Krustpils.

Wood pellets produced at the new plant will be exported to Scandinavia, Netherlands and Belgium, says "Latgran" board member Martins Zvejnieks. Last year, "Latgran" plants put out 239,000 tons of wood pellets, this year the output is projected at 275,000 tons and in 2012 - at 380,000 tons.

With the new plant, 25 new jobs have been created in Kraslava, but the new plant's indirect effect on employment is likely to be even larger as it will also create new jobs in the services sector.