A chemicals cluster will be established in the Urals by 2014

31.03.2010 — News

A chemicals cluster will be established on the basis of OAO Uralchimplast by 2014. Investment in the project will exceed 13.7 billion roubles.

The project envisages the construction of a gas chemicals complex with the capacity of 600 thousand tons of methanol annually. The production of novolac resins will also be organised. At the moment the enterprise has two lines producing formaldehyde; another line will be commissioned in 2011.

The project will be implemented in accordance to the tailor-made long term financing through the Czech Export Bank which will provide 70% of the needed resources. Some of the investment will be issued by the Austrian UCP Chemicals AG - the owner of 92% of shares in the Uralchimplast Group.

Dmitry Vorobyov, the Financial Director of OAO Uralchimplast, has told RusBusinessNews that the company is conducting negotiations on cooperation with Sumitomo Bakelite (Japan) and BASF (Germany).