Mr. Alexey Vertyagin, the CEO of RUSHIM Managing Company, and Mr. Yuri Bezdudny, Governor of the Nenets Autonomous Area, have signed a milestone agreement within the framework of the 10th St. Petersburg International Gas Forum. This important step constitutes a brand new level of cooperation on development of a mega-project for establishing a non-resource and non-energy-based export-oriented production facility in the Arctic.

Huge private investments provided by RUSHIM supported by the State will spur an unprecedented development of the regional infrastructure, and its investment and business activity in the next few years. The total estimated cost of the project amounts to 205 bln. rubles. At its operating stage, the project will create over 1,000 jobs. The project is planned to be financed within the framework of the Project Financing Factory Program implemented by VEB.RF, the Russia’s national economic development institution.

The project includes construction of a methanol plant based on Air Liquide technology, a port terminal with access to the Northern Sea Route, gas field development and construction of auxiliary and associated infrastructure. Methanol will be produced from natural gas supplied from the Kumzhinsky and Korovinsky gas-condensate fields. The President’s Strategy for Development of the Arctic Zone of the Russian Federation 2035 emphasized the importance of these fields for the energy balance of Russia.
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