Leningrad region's BaselCement Pikalyovo plans to raise RUB8bn (EUR138.81m/US$173.16m) in loans to pay for modernisation.

The funds will be spent to upgrade production to switch to a new cement-making process and reduce the cost of natural gas. Its railway transportation to the enterprise will be subsidised by the state. The approved amount of the subsidies totals RUB290bn in 2014.