RDIF signs deal over methanol production plant in Ust-Luga

Russian Direct Investment Fund (RDIF), Japan's Marubeni Corporation, Baltic Gas Chemical Company and Invasta Capital have signed a trading and investment cooperation memorandum regarding the construction of a new methanol production plant in Ust-Luga port area, in Russia.

The project consists in the construction of a plant from natural gas with a capacity of 1.7 million tonnes per annum and sea export terminal. The parties have also reached an agreement for Marubeni's assistance for introduction of loan facility from Japanese financial institutions linked to the EPC contract with the Japanese engineering company.