Construction of the complex for olefins production and processing started in Omsk

The first pile for the EP-600 production complex was driven in a solemn ceremony held at the site of the Group of companies Titan in Omsk. The ceremony was attended by Vitaly Khotsenko, Governor of Omsk Region, Nikolay Tsekhomsky, First Deputy Chairman of VEB.RF, and Mikhail Sutyaginsky, Chairman of the Board of Directors of the GC Titan.

The large-scale EP-600 investment project of the GC Titan is aimed at creating production of import-substituting chemical products within the territory of Omsk Region. The complex is designed to process hydrocarbon feedstock into ethylene, propylene, butylene-divinyl fraction, pyrolysis condensate and their derivatives (butadiene, benzene, ethylene glycols, polyethylene, propylene oxide, propylene glycols, polyether polyols, polypropylene).

Implementation of the investment project will make it possible to cover demands of the Russian market for scarce chemical products (such as ethylene glycols, polyethylene, propylene oxide, propylene glycols, polyether polyols), as well as to provide the existing enterprises of the Group of companies Titan with raw materials for the manufacture of products requiring further processing. Customers will include the chemical, microelectronics, perfume and cosmetics, pharmaceutical, textile and automotive industries.

The project will be implemented physically based at the industrial park in Omsk region. The launch of the EP-600 project will give an additional boost to the social and economic development of the region: more than a thousand additional jobs will be created, a significant increase in tax payments to the budget is planned.

Mikhail Sutyaginsky, Chairman of the Board of Directors of the GC Titan:

"The new complex for basic chemistry products will provide the market with scarce raw materials for key chains of further processing, primarily for low- and medium-tonnage chemistry. We will have the opportunity to produce a wide range of import-substituting products, such as polyether polyols, propylene glycols, polyisobutylene. With VEB.RF we have already successfully implemented several projects within the territory of Omsk Region, and we count on further joint effective work. I would also like to thank the Governor of Omsk Region for supporting our engineering centre in Omsk, we expect to attract talented young people here who will develop the region's economy".

Vitaly Khotsenko, Governor of Omsk Region:

"Omsk Region is a major centre of petrochemistry, oil refining, gas chemistry, and the region firmly holds these positions, producing a large number of various chemical products. We will move further in this direction, maintaining the best environmental standards. Russian President sets tasks for industrialists on import substitution and strengthening the country's technological sovereignty. The Group of companies Titan with its partners, VEB.RF, the governments of the Russian Federation and the Omsk Region have planned to implement a large-scale project. As a result, 1000 - 1200 new jobs are planned to be created, and the implementation of the investment project will provide significant tax revenues to the budget. The start of construction of the olefins production and processing complex as well as other new projects show that we are not staying still. The Group of companies Titan almost every year puts into operation new production facilities, and it is not limited to the territory of the Omsk region, makes our industrial potential famous in other regions. I am sure that such progressive advance makes us technologically strong, independent of imports, and ramps up our export potential".

Nikolay Tsekhomsky, First Deputy Chairman of VEB.RF:

"The chemical industry, oil and gas chemistry are critical to the country's economy. As a rule, these are large, multi-billion-dollar projects. VEB participates in their implementation both through the Project Financing Factory and independently. Total volume of gas and petrochemical projects with our participation exceeds RUB 10 trillion, and VEB.RF finances about RUB 2 trillion of them. In the project of our long-standing partner, the Group of companies Titan, we see very high conversion rates. This is exactly what we need to do today to solve the problems of import substitution and ensure technological sovereignty".

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