PET film

The Titan-Polymer plant will be built using funds from one of the largest banks in Russia

| Business function | Titan-Polymer | Omsk | Russia

Titan-Polymer (part of the Titan Group of Companies) and Gazprombank signed an agreement on a project to finance the construction in the Pskov region of a plant for the production of biaxially oriented polyethylene terephthalate film (BOPET) with a capacity of up to 72 thousand tons per year and polyethylene terephthalate granules (PET) with a capacity of up to 210 thousand tons per year.

BOPET films are widely used all over the world, primarily in the food industry, electrical engineering, and the production of flexible packaging. PET is also needed in mechanical engineering, light industry, pharmacology as packaging for medicines, dietary supplements, vitamins. This polymer has found its application in medicine. These are, for example, surgical sutures, endoprostheses, valves of the heart and blood vessels, personal protective equipment: masks, suits, protective shields.

The project with a total cost of 16.7 billion rubles is being implemented with the involvement of funds from the Industrial Development Fund. The volume of financing under the loan agreement is more than 12.8 billion rubles for a period of 10 years.

The project is being implemented on the principles of project financing and involves the provision of loans against a guarantee of future cash flows.

“We are glad to partner with one of the largest banks in the country - Gazprombank. We are going strictly in accordance with the project implementation plan. Currently, contracts have been signed with the main suppliers of equipment for the production of BOPET films, and advances have been paid. The Titan-Polymer plant is necessary not only for the Pskov region. The whole country needs it. On the territory of the special economic zone "Moglino" will be created production that meets the highest standards. For the first time a manufacturer of special-purpose copolymers will appear in Russia. The implementation of the project will completely cover the needs of domestic industries for BOPET and PET products. We are grateful to our financial partners for supporting the project, ”said Mikhail Sutyaginsky, Chairman of the Board of Directors of JSC GC Titan.

Gazprombank has been cooperating with the Titan Group of Companies for two years. The bank is already financing a project to modernize the production of phenol and acetone, as well as to organize the production of isopropyl alcohol on the basis of the Omsk rubber plant. We highly appreciate participation in the Group's strategic projects, and we plan to continue supporting the implementation of a large-scale investment program, including in terms of import substitution. It should be added that in the context of a pandemic, the production of personal protective equipment, the components for which are supplied by Titan-Polymer, is of particular importance, ”said Aleksey Belous, Deputy Chairman of the Management Board of Gazprombank.