Belarus in talks with China Development Bank over $1bn credit for Grodno Azot’s upgrade

21.12.2017 09:16 / Belarus / China

MINSK – Belarus is currently conducting talks with China Development Bank over the prospects of drawing a $1 billion credit for a project upgrade project at Grodno Azot.

Deputy Prime Minister of Belarus Vladimir Semashko made a statement to this effect in a speech in Belarus’ parliament on December 20.

Belarus’ government has been supporting Grodno Azot by letting buy natural gas at a lower price - $170 per 1,000 cubic metres. In 2018 and later the gas price for Grodno Azot will stand at $150, so that the company could invest more in production development, said Semashko.

As a result of the upgrade, Grodno Azot will double its production capacity and will use a new technology, which will help reduce product costs by 10-15%.

Grodno Azot was set up in 1963 and transformed into an open joint-stock company in 2002. The Belarusian government holds a 99.97% stake.

Grodno Azot is Belarus’ main producer of liquid ammonia, nitrogen fertilizers, methanol, caprolactam, biodiesel fuel.

OAO Grodno Azot’s ammonia capacity stands at 976,800 tonne per year, carbamide – 945,000 tonnes, nitrosol – 720,000 tonnes, ammonium sulphate – 319,000 tonnes, technical methanol – 80,000 tonnes, caprolactam – 121,200 tonnes, carbonic acid – 24,000 tonnes, biofuel – 24,000 tonnes.

Source: PrimePress

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