French industrial gases company Air Liquide confirmed on Monday it would invest around 130 million euros ($152 million) in the construction of a plant in Novokuznetsk, Russia.
Interfax quoted Kemerovo Region interim Governor Sergei Tsivilev referring to a total investment of more than 900 million euros over 20 years.
“This is intended for 20 years in stages. The overall amount of investment is more than 900 million euros [for] all stages,” Tsivilev was quoted by Interfax as saying, adding the timetable would depend on the development of the regional economy.
The company said on Thursday it would invest around 130 million euros for the construction of two Air Separation Units (ASUs).
Air Liquide did not comment on the figure of 900 million euros cited by Interfax.
($1 = 0.8565 euros)
Source: Reuters via Nasdaq
This equipment will significantly lower the site’s CO2 emissions, reduce flaring and save around 60 gigawatt hours (GWh) energy each year. Project kick-off is in February 2021, with completion planned for 2023.
The acquisition significantly strengthens and expands Grace’s existing pharma portfolio. Pharma & Consumer is the largest, fastest growing and most profitable subsegment within Grace’s Materials Technologies business.
Solvay says it has decided to organize its soda ash and derivatives business into a separate and fully controlled legal structure.