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Philip Morris to invest in Ukraine

      RBC, 12.08.2003, Kiev 17:42:26. Philip Morris International has declared today that it officially approved the proposal of Philip Morris Ukraine to invest more than $100m in the construction of a new cigarette producing plant in the Rogan settlement of the Kharkov region, Ukraine. The capacity of the enterprise is planned to be 30bn cigarettes per year. The construction of the plant is expected to be finished in 2005, sources in the public relations department of Philips Morris Ukraine told RBC. According to the head of the Executive Board of Philip Morris Ukraine, this decision testifies to the intention of Philip Morris International to develop its activities in Ukraine and considerably increase investments in the Kharkov region. Philip Morris International has invested in tobacco production and distribution in Ukraine about $63.9m over the past nine years.

      Last year Philip Morris Ukraine paid $120.5m in taxes to Ukraine's state budget and local budgets. It was the largest figure among Ukraine's tobacco enterprises.

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