By the decision of the Board of Directors of JSC "Ivanovo Polyester Complex" further implementation of the construction project The complex of PET for textile purposes in the Ivanovo region was deemed inappropriate.

Financing of the creation projectThe complex for the production of PET for textile purposes, which has no analogues in the Russian Federation, was provided for by loan agreements concluded in 2017 between Vnesheconombank Group of Companies and Ivanovo Polyester Complex JSC. At the beginning of 2018, there were disagreements between Vnesheconombank, the direct lender of the project, and Ivanovo Polyester Complex JSC over some aspects of the project financing format.

In order to resolve the differences that arose, it was important to receive, among other things, confirmation of the previous support for the investment project at the regional level. Unfortunately, the new leadership of the Ivanovo region has not yet officially expressed its attitude to the project. Moreover, it was publicly stated that the management was not interested in creating large enterprises in terms of prospects and directions of development of the region. The lack of confirmation of the continued interest and regional support for the project forced the shareholders of JSC "Ivanovo Polyester Complex" to change their position regarding its implementation in the Ivanovo region.

Given the high degree of readiness of the project, in June 2018, the initiators of the project turned to The Government of the Republic of Bashkortostan with a proposal to consider the possibility of its implementation on the territory of the republic, taking into account the presence of infrastructure developed in this region and proximity to producers of basic petrochemical raw materials.

This decision of the initiators of the project was supported by the Ministry of Industry and Trade of the Russian Federation and brought to the attention of Vnesheconombank. Currently, the initiator of the project is negotiating with the Development Corporation of the Republic of Bashkortostan on the selection of a land plot and the approval of technical conditions for joining infrastructure facilities for construction PET complex for textile purposes in one of the industrial parks of the republic.

News and photo source: The press service of JSC "IPK"