The Ministry of Economic Development of the Russian Federation, the Government of the Russian Federation and EuroChem signed an Agreement on protection and promotion of investments (APPI) for the project on construction of a modern production of ammonia and carbamide in Kingisepp, Leningrad region.
The participants of the signing ceremony included First Deputy Minister of Economic Development of the Russian Federation Andrey Ivanov, Deputy Chairman of the Government of Leningrad Region – Chairman of the Committee for Economic Development and Investment Activity Dmitry Yalov and Chairman of the Board of Directors of EuroChem Igor Nechaev.
The total volume of investments in the project of EuroChem in Kingisepp will amount to about 1.1 billion USD.
The new enterprise will be annually producing 1.4 million tonnes of carbamide and 1 million tonnes of ammonia. It is planned to launch production at EuroChem – North-West – 2 in 2023.
The new enterprise will significantly strengthen industrial potential of domestic chemical industry in Leningrad region, in particular.
APPI mechanism involves invariability of the federal, regional, local legislation which will provide predictability of implementation of an investment project for a long period of time. Partial reimbursement of investor’s expenses on creation of infrastructure will be available from new taxes established as the result of implementation of an investment project.