Russia's Metafrax nears decision on 650,000 t/yr urea project

22 September 2010 12:59  [Source: ICIS news]

MOSCOW (ICIS)--Russia's Metafrax is due to make a decision on its long-mooted urea project by June 2011, company sources said on Wednesday.

Metafrax is considering a plan to build a new urea plant in the Perm region of nothern Russia. It would have a capacity of up to 650,000 tonnes/year and would cost an estimated €700m ($933m). Construction is expected to take up to five years.

Metafrax, which is based at Gubakha in the Perm region, is the country's largest methanol producer and exporter. The company first revealed tentative plans to build a new urea plant at Gubakha in 2007.

Metafrax already has 180,000 tonnes/year of urea formaldehyde concentrate (UFC) capacity, but does not produce urea.

The company has recently pursued smaller expansion projects. In March 2010, it began operations at its new 3,100 tonne/year polyamide production unit. The company plans to complete construction of its new 20,000 tonne/year urotropine facility by the end of 2010 at an estimated cost of €13m.

Meanwhile, Metafrax predicted that its full-year net profit would reach roubles (Rb) 650m (€16m, $21m) this year, a 28% increase from the Rb507m profit recorded for 2009. Sales would be around Rb7bn, up from Rb5.48bn recorded last year.

($1 = €0.75, $1 = Rb30.91)

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