Russia's Novocherkassk continues methanol, formalin shutdown

02 June 2010 11:53  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's Novocherkassk Plant of Synthetic Products (NPSP) is continuing its methanol and formalin shutdown, NPSP said in a statement released on Wednesday.

In January-March 2010, NPSP’s first quarter net loss increased 21% to Russia roubles (Rb) 53m ($1.7m; €1.4m) compared with the same time in 2009, according to the statement.

Group sales fell to Rb118m from Rb240m in the first quarter of 2009 due to adverse market conditions and the continued methanol and formalin shutdown, the company said.

NPSP, based in Novocherkassk, Rostov region, southern Russia, used to operate a 220,000 tonnes/year methanol plant.

In 2008, NPSP pledged to build a new 450,000 tonnes/year methanol unit at its premises in Novocherkassk. However, in December 2008, Rostov regional authorities announced the project to build the new methanol facility at NPSP was suspended.

($1 = Rb31.10; €1 = Rb38.12)

 

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By: Sergei Blagov
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