Titan Group begins construction of olefin production complex in Omsk
OMSK. Nov 29 (Interfax) - The Titan Group of Companies has begun construction of the EP-600 complex for the production and processing of olefins in Omsk, an Interfax correspondent who was present at the construction commencement ceremony reported.
"The new complex for creating basic chemical products will provide the market with scarce raw materials for key chains of further processing, primarily small- and medium-tonnage chemicals. We will be able to produce a wide range of import-substituting products, for example, polyether polyols, propylene glycols, and polyisobutene," Chairman of the Board of Directors Mikhail Sutyaginsky said during the ceremony.
The launch of the new complex will make it possible in the future to attract several dozen new residents to the special economic zone that is currently being created in the region due to the fact that the Titan Group will be a supplier of scarce raw materials, Sutyaginsky said.
The implementation of this investment project will help fill the needs of the Russian market for scarce chemical products, Titan Group's press service said. The new production complex is designed to process hydrocarbon raw materials into ethylene, propylene, butylene-divinyl fraction, pyrocondensate and their processed products: butadiene, benzene, ethylene glycols, polyethylene, propylene oxide, propylene glycols, polyether polyols, and polypropylene.
Customers for these products will include enterprises in the chemical, microelectronic, perfumery and cosmetics, pharmaceutical, textile, and automotive industries. In addition, the new enterprise will provide raw materials to existing Titan Group production facilities for the production of products of deeper processing.
"Today we are launching another enterprise of the Titan Group of Companies. This is production on a large-scale that will allow us to move away from import dependence and subsequently become a major exporter of chemical products to the Middle East and the Asia-Pacific region," Vitaly Khotsenko, Governor of the Omsk Region, said at the ceremony .
He added that the implementation of this project would result in 1,000-1,200 new jobs in the region.
"The chemical industry and petrochemicals are critically important to the country's economy. These are, as a rule, large, multi-billion dollar projects. VEB participates in their implementation both through the Project Finance Factory and independently. The total volume of projects in gas and petrochemicals with our participation exceeds 10 trillion rubles, of which VEB.RF funding provides about 2 trillion rubles. We see very high conversion rates in the project of our long-time partner, the Titan Group of companies," Nikolai Tsekhomsky, First Deputy Chairman of VEB.RF said.
Titan Group brings together a number of petrochemical (JSC Omsk Kauchuk, Titan-SM LLC, Pskov Titan-Polymer Plant LLC) and agro-industrial enterprises (Petrovsky pig complex, the Pushkinsky feed mill and the Pushkinsky meat processing plant).