TOYO AWARDED $2.917BN PETROCHEMICAL PROJECT IN RUSSIA
Toyo Engineering Corporation (TOYO, President and CEO Haruo Nagamatsu) has been awarded a contract to build a 650,000 t/y ethylene and polyethylene plant located in Ust-Kut, Irkutsk region, Russian Federation by Irkutsk Polymer Plant, a subsidiary of Irkutsk Oil Company (INK).
The company expects that the plant in Ust-Kutsky district will be built until 2023, it will specialize in the production of linear low density polyethylene and high density polyethylene. Investment in the project is estimated at Rbl175bn ($2.917bn).
INK has been interested in reduction of the environmental burden by shifting to rational utilization of the associated petroleum gas instead of flaring it off, that enables off-gas to be utilized for production of the value added petrochemical products.
In this aspect, TOYO has cooperated with INK since 2011 providing advisory, planning and support work for modernizing INK’s industrial facilities under the General Engineering Service Agreement (GESA), which resulted in realization of the project.
In September 2018 an Agreement for Cooperation regarding construction of the gas chemical complex was signed, in the honorary presence of the Prime Minister Shinzo Abe and the President of Russia Vladimir Putin, during the 4th Eastern Economic Forum held in Vladivostok.
TOYO has completed more than 40 projects in the former Soviet Union and Russian Federation since 1960’s. TOYO also focuses on expansion of the business opportunities for ethylene and polyethylene projects as its core business.
This award marks TOYO’s outstanding track record as the 47th ethylene plant project worldwide as well as the 26th polyethylene plant. TOYO’s long experience in Russia, established performance and reliability in worldwide ethylene projects led to this award. TOYO will continue contributing to the development of the petrochemical industry in Russia as well as to further development of Japan-Russia relation and cooperation.
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