Lukoil and U.S. company Nalco to form JV at Kogalymsky Chemical Additives Plant
MOSCOW. Dec 2 (Interfax) - OJSC Lukoil's president Vagit Alekperov and the CEO of U.S. company Nalco, J. Erik Fyrwald, have signed agreement for creating a joint venture at Kogalymsky Chemical Additive Plant, which is part of OOO Lukoil-Western Siberia, the Russian oil company said in a statement.
The statement said that Lukoil-Western Siberia would hold 34% in the company while Nalco will control 66%.
Planned production of chemical additives will increase from 5,900 tonnes in 2011 to 27,038 tonnes in 2015. The statement said that that this will help supply the Lukoil's subsidiary with chemical additives as well as other enterprises in the region. The production will be used for enhancing oil recovery and downhole operations.
The agreement foresees Nalco guaranteeing the modernization of the facility's productive apparatus, as well as the processing and storing chemical additives at the plant. In addition, the Indian company will install the latest production and servicing technologies, set up a new production line on the basis of current test operations and laboratory research and train the facility's Russian personnel in the new technical process.
U.S. company Nalco engages in the installation of water and steam processing technologies. The company also provides monitoring, technical servicing and management for utilities enterprises and various industrial sectors, such as oil refining, chemicals, metallurgy, pulp and paper production, mining, food production and pharmaceuticals.