MOSCOW, March 13. /TASS/. The Amur Gas Chemical Plant (Amur GCP) of Sibur and Sinopec is 43.7% completed to date and progress to more than 60% is expected as of the end of 2024, chief executive of the Russian petrochemical company Mikhail Karisalov told reporters.

"We are close to the halfway point for the Amur GCP. Our task is to close the year with the significant progress of more than 60%," Karisalov said. The mechanical completion is scheduled to be achieved in 2026.

The company had to establish a new technical and contracting pattern for the plant and find new partners, with the majority of them from Russia, the chief executive noted.

According to the company’s presentation, the target structure of the project funding comprises 70% of borrowed funds and 30% of shareholders’ investments. The Amur GCP budget slightly increased due to the postponement of launch dates, inflation and reengineering of the plant.

"As regards the financing situation, our current demands are closed on account of a bridge loan raised by our partner and us for the project. We are also financing from the equity with the partner," Executive Director of Sibur Sergey Komyshan added.

The Amur GCP is the joint venture of Sibur (60%) and Sinopec (40%) for polyethylene and polypropylene production. The plant production capacity will be up to 2.7 mln metric tons of polymers per year.