21 June 2013 11:38 [Source: ICIS news]
LONDON (ICIS)--Russia-based oil and gas giant Rosneft and petrochemical holding company SANORS are to develop a new petrochemical complex in the Samara region of the country, the two businesses said on Friday.
The complex, the development of which is being discussed following the agreement for a new joint venture between the two companies, will focus on meeting increasing domestic demand for polymers and various undisclosed other chemicals, the companies said.
Materials produced will be intended to substitute products currently being imported, reducing Russia’s reliance on external sources for polymers.
The joint venture will also include Rosneft’s gas processing assets and SANORS’ petrochemical assets in the Orenburg and Samara regions of Russia. Rosneft’s stake in the venture is expected to be a minimum of 50%, while SANORS is expected to hold a maximum of 50%, the companies added.
So far, preliminary heads of agreement documents have been signed, with binding documents for the deal to be agreed by the end of the year.
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