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Urea plant to be developed in Russia

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World Fertilizer,

PJSC KuibyshevAzot and Maire Tecnimont have jointly announced a joint venture (JV) to develop, build, finance, maintain and operate a green-field urea plant, to be implemented in Tolyatti, in the Samara region of the Russian Federation. KuibyshevAzot will hold 68% of the JV, and through its fully owned project development company MET Development, Maire Tecnimont will hold the remaining 32%.

Total project investment costs are estimated to be around €160 million. Maire Tecnimont's equity contribution is preliminarily estimated to be around €11 million, taking financial leverage and expected contributions from third-parties into account.

The urea plant will have a capacity of 1500 tpd and will utilise Urea 2000Plus® Pool Reactor technology by Stamicarbon, Maire Tecnimont fully owned subsidiary, while the granulation unit is based on Stamicarbon's fluid bed granulation technology.

The plant will be realised and integrated within KuibyshevAzot's key industrial site in Tolyatti. Both parties have already started the basic engineering and project documentation works under the co-ordination of Tecnimont, Maire Tecnimont's main EPC contractor, in collaboration with Stamicarbon and Russian Design Institute JSC NIIK.

In parallel, parties are closely collaborating in the project structuring activities in order to raise non-recourse project financing. The parties intend to attract financing from foreign banks with the support of the Italian Export Credit Agency, SACE (part of CDP Group). In addition, SIMEST (part of CDP Group supporting foreign investments of Italian companies) is also evaluating the possibility to share MET Development's investment in the project. Following financial closing and completion of the basic engineering and project documentation works, the JV will enter into a lump sum turnkey EPC contract with Tecnimont.

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Fertilizer project news Urea news