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Nizhnekamskneftekhim OAO to Start Building Ethylene Complex in 2014-Interfax

Thursday, 26 Sep 2013 04:42am EDT 

Interfax reported that Nizhnekamskneftekhim OAO plans to begin the construction of a complex producing a million annual tons of ethylene in 2014, the president of Tatarstan, Mr. Rustam Minnikhanov, said during his annual message to the republic's parliament. Chicago Bridge & Iron Company concluded a front-end engineering and design (FEED) contract for the complex with Nizhnekamskneftekhim OAO a while back. Nizhnekamskneftekhim OAO selected the technology licensors for the project last year, signing agreements with Lummus for production of ethylene (annual capacity of 1 million tons); Ineos for polyethylene (600,000 tons) and Basell for polypropylene (400,000 tons). Nizhnekamskneftekhim OAO now has ethylene production capacity of 600,000 tons per year. The Company expects to launch the new $3 billion complex in 2017. The Company is now at the pre-investment stage. The development of a financial model should be concluded by the end of the year. Nizhnekamskneftekhim OAO is considering the option of corporate financing on the principles of project financing but on the Company's books. Nizhnekamskneftekhim OAO has also said it plans to seek financing from export credit agencies Hermes of Germany, Atradius of the Netherlands and SACE of Italy in order to acquire equipment. The Company intends to raise the remainder through public borrowing or syndicated loans. 

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