Russia to set up its first polyethylene terephthalate complex producing textile in the town of Vichug located in the Ivanov region. A total amount of investments in the project amounts to approximately 25 billion rubles ($419 million).

At present, preparatory procedures are underway, while construction of the complex itself is planned to start in summer.

Pavel Konkov, Governor of the Ivanov region said that the modern integrated plant will be capable to release almost 200,000 tons of synthetic fiber and yarn per year,

The enterprise is scheduled to be launched in the year 2020. The textile grade PET production plant will become an "anchor" project - with the production volume of up to 200 thousand tons of polyester fiber and PET-chips per year.

The Ivanovo region is a part of the Central Federal District of Russia with population exceeding 1 million. Mr. Konkov, the governor of the Ivanovo region said that in the future it will provide the creation of a complex of new textile plants, specializing in the production of innovative import substitution products for special and technical purposes with the use of polyester fibers and yarns.

The idea to establish its own production of synthetic fibers was born in the region even before the import substitution has become a common trend. However, during the implementation some problems were revealed - the project turned out to be very capital-intensive, while the dependence on imports has not been considered a serious problem.

The is no production of synthetic fibers in Russia so far, although the production of the man-made fabrics is actively developing in the world.

However, when the policy of import substitution has been taken, the construction of the plant was not only relevant for a given region, but also for the domestic light industry.

This is a modern production facility in Russia, which is necessary for the industry. When the plant in Ivanovo region reaches its full capacity, it will cover all the needs of Russian producers of raw materials. -