Rostec, China's BPEC may create JV to localize LNG equipment
MOSCOW. June 7 (Interfax) - Rostec and the Beijing Petrochemical Engineering Company (BPEC) have concluded a cooperation memorandum, the Russian company said in a press release.
"Within this cooperation a joint venture (JV) will be created in which Rostec will obtain a stake. The JV will localize new liquefied natural gas (LNG) technology at the state corporation's enterprises," Rostec said.
Beijing Petrochemical Engineering Company is part of Yanchang Petroleum, "the fourth largest petroleum company in China with over 60 patents in the field of oil and gas processing and LNG technology, class A certificates."
"Rostec enterprises currently already produce products related to LNG technologies. The creation of the JV with BPEC will allow for the expansion of the LNG infrastructure in Russia, including launching a pilot scheme in specific regions. The bulk of the financing will be provided by the Chinese side, Maxim Vybornykh, Rostec official secretary was cited as saying in the statement.
"Rostec enterprises also produce equipment for the transportation and storage of LNG. Engineering is being carried out for the production and delivery of gas energy equipment for building and rebuilding energy facilities and the modernization of gas energy equipment (gas turbines at thermal power plants). Rostec's enterprises have also designed and manufactured gas turbine engines with after-sales service and gas turbine power units for generating electricity and heat energy. In addition, a high capacity, a high sustainability gas turbine power plant was created for the world's first LNG gas turbine locomotive," Rostec said.
In addition, Kamaz and Avtovaz are developing and producing gas fuel powered cars.