Nizhnekamskneftekhim not abandoning ethylene project
KAZAN. Dec 15 (Interfax) - Nizhnekamskneftekhim , a major Russian producer of synthetic rubber and plastics, will continue to implement a project to build an ethylene complex with capacity of 1 million tonnes per year, despite the current economic conditions, company CEO Azat Bikmurzin told Interfax.
He said negotiations are underway to raise financing for the project, including with international export credit agencies.
"The latest negotiations were held just yesterday. We're considering various financing options. It will be difficult, but the project must be implemented," Bikmurzin said.
He also said that the company is looking for a contractor to do the detailed engineering. Construction is expected to be completed in 2020.
It was reported earlier that the project was in the pre-investment phase. The cost of construction was estimated at $3 billion. The company had planned to raise financing through export credit agencies Hermes (Germany), Atradius (Netherlands) and SACE (Italy) for the purchase of equipment.
