VALNA Holding Cyprus Limited acquired GAZ-SINTEZ OOO (“GAZ-SINTEZ”), a Limited Liability Company which registered in Viborg, Leningrad region, Russian Federation.
GAZ-SINTEZ intends to set-up at the Site and operate a METHANOL PRODUCTION PLANT AND ASSOCIATED FACILITIES near the port of VISOTSK.
GAZ-SINTEZ signed a USD 12 mio contract with Hyundai Engineering Co Ltd, Seoul based company (South-Korea), for the development of the Work Package for methanol production facility with 5,000 ton per day, of methanol from natural gas; and the development of project documentation based on technical solution developed in Front End Engineering Design (“FEED”).
This Contract between GAZ-SINTEZ and Hyundai Engineering covers the following services:
- The development of the Work Package for methanol production facility with 5,000 ton per day of methanol from natural gas; and the development of project documentation based on technical solution developed in FEED
- Obtaining the State Expert Examination’s positive conclusion under Owner’s letter of attorney
- Execution of an Engineering Procurement Construction (“EPC”) Cost Estimate for Open Book Cost Estimation (OBCE)
