NK Rosneft' OAO and SANORS Sign Agreement on Petrochemical JV-Interfax
Interfax reported that NK Rosneft' OAO (Rosneft) and SANORS petrochemical holding company have signed Heads of Agreement (HoA), under which the parties intend to create a joint venture (JV) that will incorporate Rosneft's gas processing assets and SANORS' petrochemical assets in the Orenburg and Samara regions, Rosneft said in a statement. It is expected that Rosneft's stake in JV will be no less than 50%, while SANORS' stake will not exceed 50%. The HoA was signed by Rosneft President and Chairman of the Management Board Mr. Igor Sechin and SamaraNefteOrgSintez President Mr. Igor Soglayev in presence of Samara Governor Mr. Nikolay Merkushkin during St Petersburg International Economic Forum. Objectives, for which a joint venture will be created, and its future development strategy provide for construction of a brand new world class petrochemical complex in Samara region. It is planned that the complex will be focused on import substitution and meeting growing domestic demand for key polymers and other chemicals able to meet market competition in terms of quality and technologies. Future implementation of the HoA predetermines deep integration of Rosneft's oil and gas production and refining facilities with SANORS' existing and greenfield petrochemical producing units. The parties plan to further negotiate formation of the joint venture and sign binding documents by the end of 2013.
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