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Gazprom neft' OAO and Total SA Form JV for Production of Modified Bitumen-Interfax

Thursday, 25 Jul 2013 05:38am EDT 

Interfax reported that Gazprom neft' (Gazprom Neft) OAO and French Total SA (Total) have signed an agreement on formation of a joint venture (JV) to produce modified bitumen and bitumen emulsions and market them in Russia, the companies said in a joint press release. They will share 50-50 ownership of the joint venture, Gazpromneft-Total PMB LLC. It will produce polymer modified bitumen (PMB) using Total technology. Output will be sold under a special joint brand, G-Way Styrelf. The joint venture will build a specialized facility on the grounds of Gazprom Neft's Moscow Oil Refinery for production of 60,000 tons of PMB and 7,000 tons of bitumen emulsions a year.