Yusup Umavov meets with Chinese partners of "Dagfos" investment project

Makhachkala, December 24, 2015. Yesterday, December 23, the Minister of Industry, Trade and Investment of the Republic of Dagestan Yusup Umavov met with Chinese technology partners of the investment project "Dagfos" who plan to take equity in the project.

The top manager of the company “Sigma Investment Holdings” Asong Fu and the deputy director for economics and finance of "Dagfos" JSC Sharapudin Magomedov attended the meeting with the minister.  

Opening the event, Yusup Umavov welcomed the guests and noted that Dagestan implements approximately 60 investment projects. "One of the priority projects relates to the production of sulfuric and nitric acids and concentrated mineral fertilizers at "Dagfos" JSC. We are ready to provide all necessary assistance to fully implement the project.

This is a priority for the region and the products of the company are focused on export markets of the nearby states. The republican authorities support the "Dagfos" in the form of security guarantees, the interest subsidies on loans and provide the regional and federal support measures.
412 jobs will be created after the launch of the project.  

Asong Fu thanked the Minister and staff departments for the hearty welcome. Asong Fu told about his recent visit to the plant where he examined the place for construction of the facilities:

"Now we collect all the information necessary for the implementation of the project and seek out the area to move the ammonia-urea complex. It is very important that the Ministry supports this project. We intend to send our experts to Dagestan. 80% of the cost of ammonia depends on the cost of natural gas, so we need to decide on the services related to the gas supply".

Following the event, the parties reached agreements on joint implementation of the investment project.