The government of Belarus plans to invest up to €580m in building a new plant for the production of PET and terephthalic acid. The plant will be build on the premises of the local Mogilevkhimvolokno company, one of the world’s largest producers of chemical fibres.

The majority of funds for the project are expected to be provided by the Belarus government and investors.

Approximately €200m will be used to build the PET plant, and the remaining  €380m will be invested in terephthalic acid production.

According to Mikhail Myasnikovich, the Prime Minister of Belarus, the project should be completed within the next two or three years. Its partners will be determined by tender and may be of interest ot Russian and Chinese investors, he added.

At the same, the Belarus government is considering investing in developing the Mogilevkhimvolokno company itself.
Mogilevkhimvolokno CEO Sergei Puzevich says the company plans to invest up to €230m in modernisation over the 2013-2016 period.

The firm hopes to build a new complex for polyester production with capacity of up to to 200,000 tonnes per year, as well as launch new lines for polyester fibre and polyester technical yarns.