China's CAMC Engineering Co., Ltd. (CAMCE) and Boreal Bioref Oy have signed a mutually binding EPC contract (engineering, procurement, construction), as the company said in the press release received by Lesprom Network.
In accordance with the EPC contract, CAMCE will assume responsibility for delivering a turn-key solution for the envisaged bio-refinery. The agreement represents a material mutual commitment to each other, as well as to the realisation of the bio-refinery investment.
Furthermore, Boreal Bioref and CAMCE have agreed that CAMCE will become a shareholder in Boreal Bioref Ltd. According to the shareholders’ agreement, Boreal Bioref will retain a majority control until the preconditons of the works in the EPC contract are met.
A third agreement has been signed by CAMCE, Boreal Bioref and the China Development Bank (CDB). The agreement covers the financing of the bio-refinery in Kemijärvi and the agreement sets out the targets of the parties with respect to the financing of the investment and its associated arrangements.
