The planned synthetic fibre plant in Russia’s Ivanovo region would create about 1,400 job opportunities, once the plant becomes operational by 2016.

 

Ivanovo Governor Mikhail Men suggested construction of a synthetic fibre plant in the region, during the meeting of the Federation Council Committee on Economic Policy in Moscow in July 2012.

 

Subsequently, an agreement was signed between joint stock company (JSC) Ivregionsintez Cluster Textile Corporation and EPC Engineering Consulting GmbH for establishing a polyethylene terephthalate (PET) plant in the Ivanovo region.

 

As per the agreement, the Russian firm Ivregionsintez is responsible for selecting the site and supplying pipelines as well as other infrastructure for the project, including personnel.

 

Now, the procurement department of the Russian Federation has floated a tender for construction of the synthetic fibre plant, according to Russian news agency RIA Novosti.

 

The successful bidder would be announced next month, and the Ivanovo provincial government would enter into a contract with the successful bidder the same month.

 

The terms of reference for the design of the synthetic fibre plant has already been prepared. The plant would be designed to produce up to 500 tons of fibre per day for the textile industry. The second line would have a capacity to produce up to 100 tons of recycled fibre from recycled materials.

 

The construction of the plant is expected to be completed by 2016 and it would generate about 1,400 new employment opportunities.

 

Meanwhile, Vnesheconombank has agreed in principle to finance about 80 percent of the cost for the project, while the balance amount would be investors’ money.

 

The completion of the synthetic fibre plant would enable the Ivanovo region to get clearance for setting up a complete textile cluster.