Business profile

About project    Goals of the project

Infrastructure    Time schedule    Current status

The creation of the textile grade polyethylene
terephthalate (PET) production plant
in the Ivanovo region.

The description of the investment project

  • The creation of the textile grade polyethylene terephthalate (PET) production plant in the Ivanovo region.
  • Location: Garskaya st. (the territory of the PET Plant), Vichuga City, Ivanovo Region, Russia. 
  • Types of the manufactured products: polyester staple fiber by the direct molding method - up to 175 ths. T/year, textile grade chips - up to 30 ths, tons per year.
  • The number of high-performance jobs created is 553.
  • The total cost of the Project is 24,963 billion rubles (excluding VAT) taking into account the forecast of the ruble-euro exchange rate from the Vnesheconombank.
  • The investment phase of the project is 3 years and 2 months. Achievement of design capacity -
    IV q. 2020.

The goals of the investment project

  • Localization of high-quality polyester fibers production and import substitution of raw materials for light and textile industry in Russia.
  • Creation of technological chains of technical textiles production for the growing domestic market.
  • Transition of the textile industry to innovative development by successive overcoming of the raw material imbalance.
  • Strengthen of the Russian Federation export potential.

The objects of external infrastructure

  • Transforming substation 110/10 kV 2х40MW with connection to the "Vichuga 220 "substation of Federal Grid Company
  • MP gas pipeline from the Vichuga gas-distribution station
  • Double-pipe potable water conduct with connection to the Vichuga waterworks system
  • The water intake for technological needs from artesian wells near the village Klyginskaya, reconstruction of the Vichuga second stage pumping station, double-pipe process water conduct to the PET Plant
  • Sewage pumping station and sewage collector to the Vichuga treatment plant from the PET Plant local treatment units
  • Category IV two-lane access road with the exit to the inter-regional highway "Kovrov - Shuya - Kineshma"

The schedule of implementation of the investment project

  • In 2015, the project documentation was completed, a comprehensive review had been carried out and a positive conclusion of the Glavgosexpertiza of Russia for project documentation and engineering survey results obtained.
  • The timing of construction and commissioning of the Plant, agreed with the licensors, main equipment suppliers and General contractor, amount to about 36 months.
  • The preliminary schedule for the implementation of the Project as of December 1, 2017 is presented below.

Current status of the Project

  • The development of project documentation in accordance with the FRO Government Decree dated February 16, 2008 No 87 (edition dated March 26, 2014) "On the list of sections of project documentation and requirements to their content for the construction of a textile grade PET production plant.
  • Positive conclusion on the project documentation and results of engineering studies for the project "Textile grade PET production plant» No 850-15 / GGE-10005/02 dated July 17, 2015, issued by the Federal Autonomous Establishment "Glavgosexpertiza Russia» (№ in the registry 00-1-4-2390-15).
  • The EP contract (technologies, main and auxiliary equipment, supervision, commission) was signed with Uhde Inventa-Fischer GmbH.
  • The contract of lease of a land plot 37:02:020115:11 in the city of Vichuga. The land included in the boundaries of the city of Vichuga 19.01.2017.
  • The project of validation the sizes and boundaries of the sanitary protection area has received positive conclusion of the Russian Federal Consumer Rights Protection and Human Health Control Service Administration 37. IC.02.000.T.000013.02.15 dated February 18, 2015.
  • The environmental impact assessment (EIA) of the textile grade PET production plants was implemented and the for the production of PET and the public hearings on the EIA were held.
  • Project documentation on the external infrastructure of the PET Plant is executed and it is approved by the state examination.
  • Assessment of environmental impact and social impacts (ESIA) according to international methodology of the Organization for economic cooperation and development (OECD) has been fulfilled by international consulting company Mott MacDonald.
  • In January 2016, the Committee of investment operations development of Vnesheconombank made a decision to conduct a comprehensive examination of the Project and to include it in the list of investment projects under consideration at the Bank.
  • The due diligence completed by Vnesheconombank in December 2016. The decision to participate in the financing of the Project adopted at the meeting of the Supervisory Board of the Bank.
  • Agreement on the intentions to implement an investment Project in the territory of the monocity Vichuga between the Governor of the Ivanovo region and JSC “Polyester Plant Ivanovo” was signed in January 2017.
  • Agreement between Vnesheconombank and JSC “Polyester Plant Ivanovo” on interaction for the implementation of the Project was signed in February 2017.
  • In may 2017 the Supervisory Board of the Russian Fund of monotowns development approved the application of the Ivanovo region for the provision of 441,5 million rubles for the construction of engineering networks and other infrastructure for the implementation of new investment projects (construction of the PET Plant).
  • In June 2017 Vnesheconombank and JSC "Polyester Plant Ivanovo" signed a loan agreement.
  • August-December 2017 - Adjustment of the loan agreement in accordance with the plan of measures agreed with VEB, and selection of an alternative general contractor. Making changes to the schedule for the implementation of the investment project.
  • In November 2017 the contract for the detailed engineering, construction and installation works, commissioning and supply of U&O was concluded with the design and construction company UNIS, a.s. (Czech Republic).
  • January 2018: Vnesheconombank is carrying out the project update procedure due to the replacement of the key participant and the approval of the candidacy of UNIS, a. s. as a general contractor and the shifts in the timing of the project.