Russia’s Novocherkassk methanol project suspended

08 December 2008 15:51  [Source: ICIS news]

MOSCOW (ICIS news)--A project to build a new methanol production facility at Russia’s Novocherkassk Plant of Synthetic Products (NPSP) has been suspended due to adverse market conditions, regional authorities said on Monday.

OAO NPSP, based in Novocherkassk, in the southern Rostov region, currently operates a 220,000 tonne/year methanol plant.

In January 2006, NPSP was sold in a privatisation auction for €9m ($11m).

Earlier this year it was taken over by Russia's Agro-Invest company, which pledged to build the now-suspended 450,000 tonne/year methanol unit.

($1 = €0.79)

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By: Sergei Blagov
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