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Rosneft & ChemChina to Set up a JV to Build a Polymeric Coatings Plant

Source: www.gulfoilandgas.com 12/14/2016, Location: Asia

Rosneft and the China National Petrochemical Company (ChemChina) signed a Heads of Agreement on establishing a Joint Venture. The document was signed by Rosneft Chief Executive Officer Igor Sechin, and General Manager of ChemChina Yang Xingqiang.

According to the terms of the document, the parties will establish a joint venture in the Bolshoy Kamen priority development territory in Primorsky Krai, Russia, to build a plant and a polymer coatings and paints facility with an annual capacity of 50 thousand tons, as well as implement R&D activities. In that regard, Rosneft and ChemChina will conduct a feasibility study of the project and carry out the necessary preparations to set up a joint venture. As a result of the project implementation, the largest facility to produce special marine and arctic vessel coatings, a leader in this segment, will be established in Russia.

The plant’s production will find its application at the Zvezda shipbuilding complex in the Russian Far East, being constructed under the order of the President of Russia Vladimir Putin. In particular, Rosneft and ChemChina will establish a working group to develop new polymer coatings for ships of various classes, including Arctic class vessels.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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