EuroChem plans to construct new plants for production of carbamide, ammonia and methanol in Kingisepp.
The memorandum of intent to conclude special investment contracts on implementation of projects of EuroChem – North-West-2 was signed by the Minister of Trade and Industry of the Russian Federation Denis Manturov, the Governor of Leningrad region Alexander Drozdenko and CEO of MCC EuroChem Igor Nechaev during St.Petersburg International Economic Forum.
“We’ve launched a new ammonia production plant of EuroChem and discussed further development of production capacities with investments exceeding 160 billion rubles. Kingiseppsky district is still a growth point for new large-scale projects which are establishing modern gas and chemical cluster,” noted Alexander Drozdenko during a signing ceremony.
The total volume of investments in two projects can come to about 2.5 billion USD. Production capacities created within these projects are able to manufacture 1.2 million tonnes of carbamide, 1 million tonne of ammonia and up to 1.7 million tonnes of methanol annually. It is planned to make investment decisions by the end of 2019, investment phase of the projects will last for about four years.
The memorandum was concluded in order to stimulate investment activity in industry, taking into consideration intentions of EuroChem to implement in Leningrad region large-scale investment projects important for social and economic development of the region.