Summa, AnAn Group to create gas chemical facility at YATEC

MOSCOW, Jan 19 (PRIME) -- Russian multi-industry holding Summa Group and Singapore’s AnAn Group, affiliated with China’s CEFC, have signed a memorandum of understanding and a plan to cooperate in creation of a U.S. $1 billion gas chemical facility at gas company Yakutsk Fuel and Energy Company (YATEC), Summa said in a statement on Friday.

“In accord with China-Russia comprehensive strategic partnership of coordination the parties are willing to explore strategic cooperation and joint development, construction and/or financing of gas upstream, petrochemicals, logistics and infrastructure projects,” the statement read.

“The parties will consider strategic cooperation to pursue joint development of YATEC’s greenfield methanol plant project.”

The plant will process natural gas from the company’s own fields. Capacity of the plant’s first line will stand at about 5,000 methanol per day, or about 1.75 million tonnes per year. The company plans to sell methanol starting from January–June 2022 at markets of the Asia–Pacific states, including South Korea and China.

End