Maire Tecnimont has signed a 660 million euro contract with EuroChem Group, a multinational in the agrochemical sector, for the construction of a new ammonia plant in Kingisepp, Russia, which will be able to produce 2.700 tons per day. Sace will provide EuroChem with a guarantee of 575 million, while the remainder will be borne by EuroChem.
Completion of the project is expected within 36 months of the entry into force of the contract. The project will be implemented by Maire Tecnimont's subsidiaries, Tecnimont spa, which has already completed the front-end engineering design activities, and Tecnimont Russia OOO.
The Kingisepp plant will be the first of five ammonia-urea plants to be built under the memorandum of understanding signed between EuroChem, Maire Tecnimont and SACE in April 2015.
According to Dmitry Strezhnev, CEO of EuroChem, “the contract for the ammonia plant in Kingisepp continues our successful collaboration with Maire Tecnimont: we aim to develop five new ammonia-urea projects in three countries over the next 10 years” .
Pierroberto Folgiero, CEO of Maire Tecnimont, commented: “This contract further strengthens our fruitful industrial cooperation with EuroChem with a long-term spirit” and “offers sound proof of Maire Tecnimont's leadership in the downstream sector, and also demonstrates the 'effectiveness of the Group's strategy of focusing on timely involvement in clients' large-scale investment choices'.
