ICT Holding and BGCC signed the term-sheet on the purchase of Baltic Urea Plant Project
Baltic Gas Chemical Company is planning to use the acquired assets for its methanol project. The project consists in the construction of a world-scale methanol plant from natural gas. Methanol plant with a capacity of 1.7 million tons per annum and sea export terminal will be constructed in port industrial zone of Ust-Luga, Leningrad region, Russian Federation.
“The deal with Baltic Gas Chemical Company follows the ICT Holding strategy to invest in complex production facilities, develop it and then sale to a strategic investor. Stagnation at the nitrogen fertilizers market made the implementation of the project of the nitrogen and urea fertilizers plant economically ineffective. We wish success to Baltic Gas Chemical Company in the implementation of their world-scale investment project," - Nikolai Dobrinov, Deputy General Director, ICT JSC, commented.
"The agreement with the ICT Holding will let the BGCC effectively place all production facilities including the methanol plant, the marine terminal and the gas-piping and also will save time and costs and reduce the implementation risks of the methanol plant construction project in Ust-Luga due to the documentation and the results of engineering survey of the ICT Holding" – Grigory Omelchenko, General Director, BGCC, said.
About ICT Holding Ltd:
ICT Holding Ltd – is a private investment company founded in 2013 with the assets embraced under the umbrella of ICT Group. The sector focuses of ICT Holding’s investments include finance, mineral and precious metal mining, freight rail transportation, commercial real estate and industrial development.
BGCC is the is the initiator and operator of the methanol plant project in the industrial port area of Ust-Luga, Leningrad region. The methanol plant will have a capacity of 1.7 million tons per annum and will use a natural gas as the main feedstock. The project is included in the Strategy for the chemical and petrochemical sector development of the Russian Federation for the period up to 2030.