Russia will set up its first polyethylene terephthalate complex that would produce textiles. Located in the town of Vichug located in the Ivanov region, the plant is a modern production facility in Russia which is deemed necessary for the industry. An investment of around 25 billion rubles ($419 million) is being made on the project. At present, preparatory procedures are underway, while construction of the complex is planned to start in summer.

Giving details, Pavel Konkov, Governor of the Ivanov region said the modern integrated plant will be capable of producing out 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 production volume of up to 200,000 tons of polyester fiber and Pet-chips per year. The Ivanovo region is a part of the Central Federal District of Russia. The governor of the Ivanovo region Konkov said in future a complex of new textile plants will be created, specializing in innovative import substitution products for special and technical purposes with the use of polyester fibers and yarns.

The idea of setting up the plant is to establish its own production of synthetic fibers was born in the even before import substitution became a trend. However, during the implementation some problems came up, the project turned to be capital-intensive, while dependence on imports has not been considered a serious problem. When the plant in Ivanovo region reaches full capacity, it will cover all the needs of Russian producers of raw materials.