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Eurochem buys urea project assets from ICT Group

CIS GAS MONETISATION

Eurochem buys urea project assets from ICT Group

Eurochem bought the assets of a project for the construction of a fertilizer plant in Ust-Luga from the ICT Group, according to Spark-Interfax - Rupec

In October, Eurochem acquired a 99% stake in Baltic Fertilizers Terminal and Baltic Urea Plant. The remaining 1% was acquired by the National Transport Company, which combines the transport assets of Eurochem and SUEK.

The closure of the deal was confirmed to Interfax by a representative of the ICT, who noted that the work on the initial project had been terminated several years ago. At the same time, ICT was still in possession of land, related infrastructure and permits.

Eurochem is building a second plant in Ust-Luga on a neighbouring site with a productive capacity of 1.1 million tons of ammonia and 1.4 million tons of carbamide per year, with launch planned in 2023. The first facility with a capacity of 1 million tons of ammonia was brought online in 2019. In the future, the project may be expanded by building a methanol production facility and a terminal for its transshipment.

The launch of the terminal for transshipment of fertilizers in Ust-Luga with a capacity of 7 million tons per year is scheduled for 2023.

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