Russia's Metafrax cuts planned investment for 2011 to €17.4m

24 February 2011 10:34  [Source: ICIS news]

MOSCOW (ICIS)--Metafrax has decided to cut its planned investment in 2011, the Russian methanol producer said on Thursday.

The company would invest roubles (Rb) 700m (€17.4m) in 2011 to upgrade its methanol storage, water supply and other infrastructure facilities, Metafrax said.

It had originally planned to spend Rb900m in 2011, but did not say why this had been reduced. The company invested Rb870m in 2010.

Metafrax also indicated plans to change its annual regular maintenance programme in order to implement it on a biennial basis from 2012.

Based at Gubakha in the Perm region of northern Russia, Metafrax is the country's major methanol producer and exporter.

In 2010, Metafrax produced 1.022m tonnes of methanol, 249,200 tonnes of formalin and 175,000 tonnes of urea-formaldehyde concentrate (UFC).

(€1 = Rb40.12)

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By: Sergei Blagov
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