Investments will exceed RUB 74 billion
Promyshlenniye Technologiyi LLC (Industrial Technologies, or PromTech, a company of AEON) will build a methanol plant in Volgograd with investments expected to exceed RUB 74 billion. By 2026, the plant’s annual capacity will be as high as 1 million tonnes, says press center of the Ministry of Industry and Trade.
The methanol procedure plant is to become one of the first anchor investors of the new special economic zone, Chimprom SEZ. It will let generate 500 jobs.
“Large-scale production in the gas and chemicals industry is very capital-intensive despite its high profitability. Maximum efficiency is achieved with annual production from 1 million tonnes … It is especially important to emphasize that the methanol project in Volgograd has not been halted or frozen amid the sanctions of unfriendly countries. With the Russian design institutions in the field of gas chemistry and global technological counterparts in methanol production it is possible to complete production reengineering and enter the investment phase of the project in a short period of time,” said Bakhtier Kasimov, General Director of the Promtech management company.
As a measure to support the project, the Ministry of Economic Development and Trade concluded an investment protection and promotion agreement (IPPA) with Promtech, the first after the restart of this mechanism. According to Murat Kerefov, Deputy Minister of Economic Development, the Ministry plans to sign about a dozen of IPPAs by the end of the year.
IPPA makes it possible to cover the costs of infrastructure and stabilize the business environment (first in the tax sphere, land use, urban planning, etc.). VEB.RF is the authorized organization to support the process of concluding IPPAs and monitor their implementation.