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A trilateral investment agreement on the implementation of the project was signed by AS Elme Messer Gaas, the administration of the Pskov region and Special Economic Zone Moglino on Thursday within the framework of the St. Petersburg International Economic Forum, BLRT said.

"We are talking about construction of a high-tech energy-efficient plant with a capacity of over 90,000 tons per year in the northwest of Russia; it will produce liquefied technical and medical oxygen with a quality over 99.95 percent, and nitrogen and argon with a quality of more than 99.999 percent. The plant will be the largest enterprise in terms of production of liquefied industrial, food and medical gases in this region," Igor Berman, member of the board of Elme Messer Gaas, said in a press release.

Construction of the air separation plant is scheduled to start at the end of 2019, and the plant is to go into operation in the fourth quarter of 2021.

The aim of the project is to enhance the quality of supplies to existing customers and increase sales in general throughout the North-Western District of Russia, as well as in the central part of Russia. Deliveries will be made by new modern tank trucks equipped with the latest technology, the press release said.

In addition, the presence of a powerful modern production facility in the Moglino SEZ will allow the company to increase the volume of exports to Belarus and members states of the EU. Implementation of the project will lead to the creation of over 55 new jobs, taking into account related enterprises.

Elme Messer Gaas was founded in 1999 and is owned in equal shares by BLRT Grupp of Estonia and Messer Group of Germany. Elme Messer Gaas offers a complete range of industrial, medical, food and special gases, as well as a range of unique engineering solutions and technologies.

Special Economic Zone Moglino is a territory for investment projects with a special legal status, providing investors with a number of investment incentives and customs privileges, as well as guarantees for access to the engineering, transport and business infrastructure. The costs of the implementation of a project in the special economic zone for investors are on the average 30-40% lower than outside such zones in the territory of Russia.