Chinese Luoyang To Build A 120 Million Eur Glass Plant In Bulgaria

In 18-20 months the Bulgarian town of Razgrad will again have a plain glass plant. This announced Li Wei, vice-president of the Chinese holding "Luoyang" and Denis Barekov, owner of the Bulgarian company "Via properties", which one year ago bought the bankrupt plant in Razgrad "Diamond".The investment is between 80 million EUR and 120 million EUR. The construction will be funded by the Chinese state bank Exim but the outputs will be property of "Via Properties".The returning of the credit will start 1 year after the beginning of the production.The first stage of the joint work is the starting of a line for production of plain glass with a capacity of 600 tones per day. The employees of the plant will be between 340 and 500 people. One third of the specialists, which will prepare the plant for working and will train the employees, will be from China. The construction company is also Chinese.The Chinese investor in Razgrad is among the sponsors of the Olympic games in Beijing, explained the vice-president Li Wei. China produces over 50% of the glass in the world and the holding is the biggest producer of all kinds of glass in China.We work with local and German research centers, it is possible at a later stage we to establish an innovation center also in Razgrad, commented Li Wei.