08 February 2013 11:10 [Source: ICIS news]
MOSCOW (ICIS)--Russia-based methanol producer Metafrax said on Friday the company would begin work on a new ammonia/urea plant project.
The Metafrax board decide to move forward with the project as part of the company’s 2013 budget, agreed earlier this week, the company said in a statement on 8 February. The board will review the project's feasibility study in late 2013, the company added.
Metafrax, based in Gubakha, Perm region, northern Russia, is the country's largest methanol producer and exporter. Since 2007, Metafrax has been considering a new urea plant in Perm region with a capacity up to 650,000 tonnes/year at an estimated cost of €700m ($933m).
Earlier this year, Metafrax reiterated pledges to implement a project with a forecast capacity of 400,000 tonnes/year of urea and 600,000 tonnes/year of ammonia.
Metafrax also stated that it plans to sustain its net profit, sales and production volumes at last year's levels, Metafrax head Armen Garslyan was quoted as saying.
In 2012, Metafrax produced 1.03m tonnes of methanol, up 6.3% up year-on-year.
The company’s net profit for the year is expected to reach Russian roubles (Rb) 2bn (€49.5m, $66.3m), on forecast sales of Rb12bn.
In 2015, Metafrax aims to increase its methanol production up to 1.1m tonnes/year, according to the company.
($1 = €0.75, $1 = Rb30.15, €1 = Rb40.40)
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