In Lutsk, a long-term cooperation agreement was signed for the purpose of creating a joint venture for rapeseed processing between the Ukrainian enterprise "Kaskad-Production LTD" and the German company EOP Biodiesel AG. This was reported to the Western Information Corporation on February 22 by the press service of the Volyn Regional Organization of UNP. The Ukrainian side in the negotiations was represented by People's Deputy, member of the Budget Committee of the Verkhovna Rada, head of the Volyn Regional Organization of UNP Borys Zahreva, General Director of "Kaskad-Production LTD" Ihor Aleksandrov, General Director of PO "Kombikorm" Ivan Lytvyniuk, and the German side – by EOP Biodiesel AG directors Sven Schoen and Karl Girsberg, and company project manager Andreas Scheyen.The parties reached agreements on the implementation of the project in two stages. The first includes planning, construction and management of a plant for rapeseed processing and rapeseed oil production. Implementation of this project is envisaged as soon as possible, but no later than the end of 2008. The next step in the development of cooperation and at the same time the second stage of the project is the construction of a plant for biofuel production.According to representatives of the Ukrainian side, the negotiation process itself was not simple, and no less important for the German investors in making a positive decision was the democratic path of development of our state. The economic justification for them is the activity in Ukraine of a number of powerful agricultural enterprises, which in the future may act as partners.Today Ukrainian experts note that rapeseed cultivation in Ukraine has prospects. Just a few figures and arguments for comparison: one tonne of wheat on the grain market costs within 500 hryvnias, while rapeseed – from 1250 to 1500 hryvnias, while there are no restrictions on its sale. Its profitability solely due to natural fertility is 20%, and with the use of intensive technologies – 100%.According to Ihor Aleksandrov, the total cost of the project is tens of millions of euros. Since the amounts required for its implementation are quite large, in addition to the financial resources of the two enterprises, it is planned to attract bank loans, both Ukrainian and Western, for additional financing of the project. The financial participation in the project of the German investor EOP Biodiesel AG makes possible access to inexpensive banking resources, both in Ukraine and abroad, and this will give a more effective result for management.