14/02/2018

Press release: AUM Project insured for 58 billion rubles

PJSC Metafrax concluded several insurance contracts for the chemical complex construction in Gubakha. The company tends to foresee all the risks.

The PJSC Metafrax Ammonia-Urea-Melamine (AUM) production complex construction project in Gubakha went to the new phase. Signing of several insurance contracts precedes the beginning of construction of the one of the biggest plants in Perm Region, which cost is EUR 950 million. The main purpose of the contracts is to mitigate the risks that arise during such a large-scale complex construction.

In December, 2017, the company signed the 1st insurance contract. In the document concluded for five years, insurance for all kinds of work to be implemented during the complex construction is provided. In addition to three years of the AUM construction, two additional years of the guaranty period insurance are included into the contract.

As it was noted by Oleg Gordienko, member of PJSC Metafrax Board of Directors, the guaranties cover absolutely every kind of work: engineering, construction, equipment procurement, storage and erection work. “Besides, we provided the liability insurance for the third parties that can visit the complex construction site. It is referred to delegations, journalists, experts, etc.” – Added Mr. Gordienko. The project is insured for 58 billion rubles, VTB Strakhovaniye, one of the leading insurance companies is selected as a partner.

The equipment for the AUM complex will be delivered to Gubakha from European countries, Japan and India. Its cost is more than EUR 300 million.

The AUM construction general contractors have insured their responsibility. The contract was signed with Insurance Company Allianz, the world leader in this type of insurance.

For your reference

The AUM complex will become one of the largest projects in Perm Region in decades. Its total cost is EUR 950 million. About 3000 employees will be involved into the construction. The complex construction will be finished until 2021. However, the first batch of ammonia will be produced in 2020. The project development, equipment procurement and construction management are implemented by Swiss company Casale.

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