RDIF, Marubeni, Baltic Gas Chemical Co sign memorandum on methanol plant in Ust-Luga
ST. PETERSBURG. May 25 (Interfax) - The Russian Direct Investment Fund (RDIF), Marubeni Corporation, Baltic Gas Chemical Company (BGCC) and Invasta Capital signed a trading and investment cooperation memorandum regarding the construction of a new methanol production plant in Ust-Luga port area during the St. Petersburg International Economic Forum.
The agreement calls for comprehensive collaboration concerning the commercial, corporate terms of the project development and the issues necessary for the final investment decisions of the project, the RDIF said in a press release.
The project consists in the construction of a world-scale methanol plant from natural gas with a capacity of 1.7 million tonnes per annum and sea export terminal in port industrial zone of Ust-Luga.
The parties have also reached an agreement for Marubeni's assistance for introduction of loan facility from Japanese financial institutions linked to the EPC contract with the Japanese engineering company.
"BGCC and Marubeni already agreed the main terms and conditions of methanol off-take from the new plant. The plant will be built in accordance with the most modern and safe technology, and it will be one of the world's largest single-train methanol plants. Huge experience of Marubeni Corporation at the global chemical markets will be highly useful to effectively sell methanol from our plant," said Grigory Omelchenko, General Director of BGCC.