Penza, 17 June 2014. PenzaNews. Investment agreement was signed between the government of the Penza region and LLC “Asia Cement.” The signatures to the document, a copy of which is available to news agency “PenzaNews,” were affixed by governor Vasily Bochkarev and CEO Aynura Kypchakbaeva.

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In accordance with the text of the agreement, the investor confirms the volume of capital investments in the amount of 9,2 billion rubles for the project during 2008-2014. In addition, the investor must ensure the preservation of at least 500 jobs and the creation of at least 20 additional jobs by January 1, 2015. The average wage should not be less than 31,450 rubles.

Also the investor is obliged to provide tax revenues at all levels of the budget system of the Russian Federation during the payback period of the project and the next three years at least the amounts specified in the annex to the agreement.

In turn, the regional government is committed to assist the investor in the project.

According to the document, LLC “Asia Cement” will be able to have a number of tax benefits. Among them are the reduction of tax rates on profits, business property and exemption from vehicle tax.

According to the information available, the planned term of the tax benefits is from III quarter of 2014 till III quarter of 2019.

Calculated level of budget revenues lost by the Penza region for the period totaled 666,6 million rubles, while the tax revenues to the budget of the region for the duration of the investment project will be about 1,172 million rubles.

It is expected that the commissioning of the investment project of “Asia Cement” will be implemented in III quarter of 2014.

Payback period — 14 years.

Investment agreement has not yet entered into force. It must be approved by the Legislative Assembly of the Penza region.

The document will be valid for 5 years from the date of commissioning of objects provided by the project.