"Ivanovo Polyester Complex" is late
The launch dates of "Ivanovo Polyester Complex" (IPK) will be shifted, said the first deputy director General of IPK, Igor Sabayev. "In the middle of this year, a force majeure situation arose with the general contractor. It has been overcome, we are working further with a slight shift. Mr. Sabayev did not specify for what period the launch of production will be postponed.
Earlier it was noted that the construction of the complex was supposed to start in 2017. According to the announced plans, by 2020 the complex was supposed to reach production capacity.
In June 2017 Vnesheconombankand IPK signed a loan agreement for a period of 13 years. Funds in the amount of 280 million euros for the construction of the polyester fiber complex were raised through European banks under the coverage of export insurance agencies Hermes and EGAP. Funds from the sideVnesheconombank has not yet been listed. The bank refused to comment officially on the situation.
In rubles, the total cost of the investment project is estimated at 25 billion. According to the information Vnesheconombank, IPK will invest more than 5 billion rubles of its own funds in the creation of the complex .
The capacity of the future complex will be 175 thousand tons of polyester fiber and 30 thousand tons of polyethylene terephthalate for textile purposes. Some of the products are planned to be processed in the industrial park in Vichug, some are to be exported. In May, negotiations were held with potential buyers from Italy, Germany, Poland, and the Czech Republic. In December 2016, a contract was signed for the supply of equipment, installation supervision and maintenance with Uhde Inventa-Fischer GmbH, part of the ThyssenKrupp Industrial Solutions concern.
The project IPK is included in the state program "Development of industry and increasing its competitiveness", Strategy for the development of the chemical and petrochemical complex for the period up to 2030, updated version Strategies for the development of the textile industry in Russia until 2025, an industry action plan for import substitution in the chemical industry.