MINSK, May 10 (Xinhua) -- Belarus is planning to build a new nitrogen plant, the presidential press service said Thursday.
The preliminary decision was made on Thursday during the session on discussing the development of nitrogen industry.
Belarusian President Alexander Lukashenko endorsed the construction of a new nitrogen plant in Belarus and the modernization of the chemical enterprise Grodno Azot.
According to Igor Lyashenko, Chairman of the Belarusian state petrochemical concern Belneftekhim, it will cost more than 1 billion U.S. dollars to build a new nitrogen plant. Proceeds are expected to reach 335 million U.S. dollars a year. He said that the payback period will not be short.
A profound modernization of Grodno Azot will cost around 400 million U.S. dollars. The enterprise itself will come up with some of the required sum. Plans have been made to borrow 287 million U.S. dollars at an interest rate of 6 percent per year.
Grodno Azot is an important enterprise for the chemical industry, the region and the country in general. It is the manufacturer of nitrogen fertilizers, ammonia, methanol, caprolactam and other chemical products.
