Bank Of China Funds Russian PET Project
Ethan Polyester Plastics and Fibers Project, which ended in shape after years of delay in the Northern Caucasus Republic of Northern Caucasus in the North Caucasus, won China's support last year.
In January 2016, two subsidiaries of Chinese oil and gas producer CNPC signed an agreement to fund the plant's developer Etana Pure Polymers.
At the end of January 2018, Yuri Kokov, a semi-autonomous leader of the Russian Republic, announced the bank's confirmation of financial support.
"The Bank of China has made the final decision to invest the first billion U.S. dollars (807.7 million euros) through our national development bank, and this year we will begin the first cluster construction." The Russian News Agency quoted him at one time Speech at the meeting.
Kokov confirmed that from this year plans to invest 9.6 billion U.S. dollars in the PET cluster zone, divided into three stages of development, the second and third stages will be completed in 2019 and 2020.
The PET cluster consists of five independent plants, the main plant producing polyester resin intermediates PTA and polymers, the polyester fiber manufacturing and downstream conversion units producing plastic packages, including PET containers for bottled water.
It is understood that by 2030, this development plan will create 25,000 jobs in the Kabardino-Balkaria region.
The overall concept is to provide the market with locally produced plastic packages that enable the Northern Republic of Caucasus to produce locally produced fresh food and bottled water. According to regional reports, the company expects to export to China products including packaged vegetables and bottled water.
News reports said Etana Plastics' PET production capacity will reach 1.5 million tons / year, while PTA's production capacity will reach 1 million tons / year. The main contractors at the Etana plant are the German engineering groups Uhde Inventa-Fischer and the Swiss Buhler Group, which will provide the technology and equipment.
CNPC's participating subsidiaries are China Petroleum Technology Development Corporation (CPTDC) and China Kunlun Engineering Corporation (CKCEC).