Russia's Metafrax keeps projects on drawing board

19 November 2008 09:11  [Source: ICIS news]

MOSCOW (ICIS news)--Russian methanol major Metafrax has pledged to complete its ongoing expansion projects next year but is rethinking its wider investment plans, the company said on Wednesday.

Metafrax aimed to finish construction of a 3,000 tonne/year polyamide unit and 20,000 tonne/year urotropine facility in 2009, it said in a statement.

Metafrax has pledged to invest €6.5m ($8.2m) in the polyamide unit and €13m in the urotropine facility.

The paraformaldehyde and urea projects had yet to be started and under the current circumstances, the company was not prepared to announce any exact timeframe for these projects, the statement said.

Metafrax currently had no plans to start new projects, according to the statement.

In September 2007, Metafrax had decided to build a new 20,000 tonne/year paraformaldehyde facility by 2009 at an estimated cost of €12m.

Metafrax had also indicated plans to invest €320m in building a new urea plant in Perm region with a capacity up to 650,000 tonnes/year in the next four years.

Metafrax, based at Gubakha in the Perm region of western Russia, is the country's leading methanol producer and exporter.

Last year, Metafrax raised its methanol output up to 1m tonnes/year. In the first half of 2008, it produced 517,000 tonnes of methanol, 3% up on the year-earlier period, and 126,400 tonnes of formaline, 11% up, according to the company.

($1= €0.79)

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By: Sergei Blagov
+44 20 8652 3214

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