12 March 2010 10:20 [Source: ICIS news]
MOSCOW (ICIS news)--Local authorities will support Uralkhimplast’s plan to build a new 600,000 tonne/year methanol production facility at the firm’s Nizhny Tagil site, the Sverdlovsk regional government said in a statement released on Friday.
Earlier this week, Uralkhimplast said the new 600,000 tonne/year methanol facility would be built at a cost of roubles (Rb) 13bn ($441m, €322m).
Uralkhimplast, based at Nizhny Tagil in the ?xml:namespace>
In October 2009, the company said the methanol project was due to be funded by
Uralkhimplast first announced plans to build a 400,000 tonnes/year methanol plant in cooperation with gas trader Itera in 2005. Uralkhimplast and Itera formed a joint venture, UralMethanolGroup, on a parity basis to develop the project.
The new plant was originally expected onstream in 2010 at an estimated cost of €260m, but in January 2009, Uralkhimplast and Itera said they had postponed their plans. Itera is no longer involved with the project.
($1 = €0.73, $1 = Rb29.47)
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