Russia's Taneko to go ahead with petchem project

13 November 2008 11:03  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's Taneko will go ahead with its project to build a major $5bn petrochemical complex in Nizhnekamsk despite the ongoing global financial crisis, the company said on Thursday.

 

Taneko, a subsidiary of Russia's Tatneft oil company, spent roubles (Rb) 1bn ($36.4m/€28.9m) in October to fund the project, it said in a statement.

 

The company plans to spend Rb1bn/month in November and December to build the complex, the statement said.

 

Taneko earlier announced plans to spend Rb85bn in 2008-2009 on the facility in Nizhnekamsk, Russia's internal republic of Tatarstan.

 

The Rb130bn project would involve construction of a 7m tonne/year refinery, a 600,000 tonne/year ethylene facility, a 200,000 tonne/year polyethylene plant and other units. The complex was expected onstream by 2011, said Taneko.

 

($1 = €0.80, Rb27.6)

 

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By: Sergei Blagov
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