RDIF and Ruskhim Group to cooperate on creation of a new vertically integrated gas chemical complex in the Russian Arctic
Saint-Petersburg, June 3, 2021 – The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund) and Ruskhim Group announce a partnership providing for the Fund’s investment in Company's project to create a new vertically integrated gas chemical complex in the Russian Arctic (Nenets Autonomous Area).
The announcement was made on the sidelines of St. Petersburg International Economic Forum.
The investment by RDIF is aimed at the development of a strategically important region of the Russian Arctic and the comprehensive development of the Nenets Autonomous Area integrating key oil and gas chemical enterprises. The project is within the framework of the Strategy for Developing the Russian Arctic Zone and Ensuring National Security through 2035.
As part of the project the Kumzhinsky and Korovinsky gas condensate fields will be explored and a methanol plant will be constructed with an initial capacity of 1.8 million tons, which may be increased at later stages.
In addition, port infrastructure with access to the Northern Sea Route (NSR) will be built to export the Company's products. Implementation of the project will create more than 1,000 new jobs.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“Production of methanol is one of the fastest growing sectors in the petrochemical industry. The gas chemical complex in Nenets Autonomous Area will have complete self-sufficiency in raw materials, production and shipment of products. The resource base of the project has already been formed at the expense of two large gas condensate fields. As part of the project, investments will be made in the new Arctic port of Indiga, which will become an important element of the maritime infrastructure for the export of gas chemical products along the Northern Sea Route.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB2 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at rdif.ru
For additional information contact:
Russian Direct Investment Fund
Director for External Communications
Mobile: +7 915 312 76 65
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133