Nizhnekamsk petchem complex project approved

21 April 2008 10:44  [Source: ICIS news]

MOSCOW (ICIS news)--Russia's Taneko has approved a project outline by Russia's VNIPIneft to build a major petrochemical complex in Nizhnekamsk with 24 licensed production facilities, the Tatneft subsidiary said in a statement Monday.

 

The roubles (Rb) 130bn ($5.6bn/€3.5bn) project in Tatarstan would involve construction of a 7m tonne/year refinery, a 600,000 tonne/year ethylene facility, a 200,000 tonne/year polyethylene (PE) plant and other units. The complex is expected on stream by 2011.

 

In March, Taneko announced that it received bids to provide engineering, procurement and construction (EPC) services for the Nizhnekamsk project.

 

Bidders reportedly included Italy's Tecnimont and Technip, South Korea's GS Engineering & Construction, and Taiwan's CTCI Corp, but Taneko is yet to announce results of the tender.

 

In September 2007, Tatneft selected Fluor Corp to manage the project.

 

Earlier this month, Taneko secured a $2 billion syndicated loan, arranged by BNP Paribas, to finance the project. Taneko planned to spend Rb 85bn in 2008-2009 to build the complex.

 

($1 = Rs23.43/€1 = Rb37.16)

 

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Author: Sergei Blagov
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