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Russian Federation/Support for Engineering and Procurement of ethylene and polyethylene plant


June 25, 2019

Nippon Export and Investment Insurance

Nippon Export and Investment Insurance(NEXI;Chairman and CEO:Atsuo Kuroda)has decided to provide Export Credit Insurance for Toyo Engineering Corporation(TOYO)which was awarded an Engineering and Procurement of ethylene and polyethylene plant by Irkutsk Polymer Plant(IPP) of Russian Federation(Russia)

In Ust-Kut, Irkutsk region, Russia, IPP constructs an ethylene and polyethylene plant, with generation capacity 650,000 tons/year respectively, to enable the associated petroleum gas to be utilized for production of the value added petrochemical products in the oil field owned by INK, a parent company of IPP and one of the largest Russian energy companies. TOYO is responsible for engineering, procurement, technical advisory services for pre-commissioning and commissioning.

TOYO has cooperated with INK since 2011 providing advisory, planning and support work for modernizing INK’s industrial facilities under the General Engineering Service Agreement (GESA), which resulted in realization of the project after TOYO and INK entered into cooperation agreement regarding to this project at the Eastern Economic Forum held in September, 2018.

TOYO has completed more than 40 projects in the former Soviet Union and Russian Federation since 1960’s. Also, TOYO focuses on ethylene and polyethylene projects as its core business, and this award marks TOYO’s outstanding track record as the 47th ethylene plant project worldwide as well as the 26th polyethylene plant project.

TOYO’s long experience in Russia, established performance and reliability in worldwide ethylene projects led to this award and the project will serve as a good example of the Japanese government’s Quality Infrastructure Partnership Initiative.

As a financial institution implementing Japan’s policy, NEXI will continue to support Japanese exports.

Contact:
Overseas Investment Insurance Underwriting Group, Underwriting Department
Tel: +81-(0)3-3512-7668

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