28 May 2013 08:29 [Source: ICIS news]
SINGAPORE (ICIS)--Germany’s Linde Group said on Tuesday it has formed a joint venture with JSC KuibyshevAzot to build and operate an ammonia plant at the Russian chemical firm’s Togliatti site in Samara region, in a deal worth around €275m ($357m).
Both Linde and JSC KuibyshevAzot have an equal stake in the newly formed venture, Linde Nitrogen Togliatti, Linde said in a statement.
Construction work at the new plant in Russia, which will have a production capacity of 1,340 tonnes of ammonia per day, is scheduled to be completed in 2016, it said.
JSC KuibyshevAzot is planning to expand production capacity for caprolactam - a precursor of polyamide plastics - and nitrogen fertilizers at Togliatti, and will need a “rising stream” of ammonia to support these upgrades, according to Linde.
($1 = €0.77)
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