Metafrax to launch additional formalin, urea-formaldehyde concentrate capacity in 2015
PERM. April 18 (Interfax) - OJSC Metafrax plans to launch additional capacity for production of formalin and urea-formaldehyde concentrate at the beginning of 2015, board chairman Armen Garslyan told Interfax.
Metafrax will add two formalin units: one at the Gubakha facility in Perm territory and a second at the Orekhovo-Zuevo facility in Moscow region. It will install one new urea-formaldehyde production unit at Gubakha.
Garslyan did not specify the capacities of the new units, saying that negotiations with potential customers are underway. A decision on specific project parameters will be made after those talk are completed.
"These are the projects we are investing money in now, because resin sales volumes are rising, there is not enough formalin on offer, therefore we will invest in these projects," he said.
The investment volume will be determined after a decision on the capacity of the new units is made. All of the parameters of the investment project will be determined over the next two months, Garslyan said.
Metafrax, a leading Russian producer of methanol and formalin, produced 308,000 tonnes of formalin and 193,000 tonnes of formaldehyde concentrate in 2012.
