Belarus and Russia intend to set up the new joint company which will produce fuel chips and pellets, Belarusian Forestry Minister Piotr Semashko told reporters on the eve of a regular session of the CIS forestry management council in Minsk on 12 November. We plan to set up a joint company to produce fuel chips and pellets in the Novgorod oblast (Russia). The new production facility will produce 5-7 tons of fuel chips per hour, Piotr Semashko said. The cost of the project is estimated at €8-12 million. Experts note the logistics potential of the Novgorod oblast to promote the products of the new company. The Novgorod oblast is linked with the St. Petersburg Seaport and seaports of the Baltic states by the river and railway transportation network, Piotr Semashko reported.