MOSCOW - Companies from Russia, Japan and China on Saturday signed a $1 billion agreement to build an urea fertilizer plant in Russia's Volga republic of Tartastan.
The large-scale plant to be located in the city of Mendeleyevsk, some 1,000 km east of Moscow, would be the first in Russia for over 20 years, news agencies reported.
The deal was inked in Yokohama, Japan by Japanese companies Mitsubishi Heavy Industries and Sojitz, the China National Chemical Engineering Company, and Russian state-owned company Ammony, with the presence of Russian President Dmitry Medvedev.
The plant, which can produce ammonia and methanol from natural gas, will launch operation in 2015. The daily capacity was estimated at 2,050 tons of ammonia, or a combined 1,382 tons of ammonia and 668 tons of methanol.