7 Sep 2009 12:56

Tatneft, Preiss-Daimler to launch fiber optic production in Nov

KAZAN. Sept 7 (Interfax) - The joint venture between Tatneft and German Preiss-Daimler Group, P-D-Tatneft-Alabuga-Fiberoptic, plans to kick off the first stage production at its new fiber optic facility at the end of November 2009, Tatneft said in a press release.

"The first stage of operation (fiber optic processing) is planned for the end of November 2009. The second stage (fiber optic production) - in April 2010," the press release says.

The JV will focus on producing fiber optic products used in the construction, automotive, shipbuilding, electrical-technical and other industrial sectors. Investment in the project will total 74 million euro, of which 20.8 million euro has already been made.

The JV is located in the Alabuga special economic zone, which provides the project with tax exemptions, a prime location near major petrochemical, automotive and other industrial enterprises, and developed regional transportation infrastructure.

The JV was formed on a 50-50 basis by Tatneft-Alabuga, a 100% Tatneft subsidiary, and Preiss-Daimler Group P-D's Glasseiden GmbH Oschatz.

Tatneft and Preiss-Daimler Group signed the agreement to set up the joint venture in October 2007. It was recognized as a resident of the Alabuga special economic zone the following January. Ground was broken on the new facility in July 2008.