New technologies will enable Mogilev Chemical Fibre Plant (Mogilevkhimvolokno OJSC) to reduce the prime cost by 25% by 2011, Interfax learnt from deputy head of the Department for Development and Investments of Belneftekhim Concern Georgi Ushkevich.
According to the source, the company undergoes a comprehensive upgrading program ($440 million) that stipulates nine modernization projects. Eight projects have already been completed.
Mogilevkhimvolokno is one of Europe's leading producers of polyester fibres and threads and the only manufacturer of polyethylene terephthalate in the CIS. It was established in 1968 and transformed into a joint-stock company in 2002.
99.95% of the equity capital belongs to state. The company employs about 11,000 people.
In January-October 2007 the company produced BYR 539.8 billion worth of goods, or 13.4% up on the year. Consumer goods output grew 3.7%. Over the stated period the company exported $170 million worth of goods (32.2% up).