June 22 2004, 10:09 Interfax-Ukraine

Creative Company will use a bank credit to built a plant for production of bottled sunoil

CJSC Creative (Kirovograd, central Ukraine), is drawing a 61.94 million hryvnia credit from Kiev-based commercial bank Nadra to build a new plant for production of sunflower oil and modified fats, and also to purchase sunflower seeds and tropical oils, the company's Financial Director Yuri Davydov has told Interfax-Ukraine news agency (5.33 hryvnias = $1).

He said that the 16.58 million hryvnia loan that the company had obtained under 8.65 percent interest rate would be used for production of plant, and the 45.36 million hryvnia credit, which had been charged with 15 percent interest rate, would be directed for purchases of raw material.

The new plant for production of deodorised bottled sunflower oil and modified fats with rated production capacity of 3,000 tonnes per month is planned to be commissioned in January-February of 2005. The total worth of the project is about 8 million euros.

The enterprises within CJSC Creative possess 50 percent share of the Kirovograd Modified Fats Plant with annual production capacity of 28,800 tonnes. Besides this plant the company owns another oil extraction plant for production of refined deodorised oil, a plant for production of soft and hard margarines, a plant for production of mayonnaises, ketchups and other canned goods, a grain elevator facility and a feed mill.