Rosneft and ChemChina JV to build a polymeric coatings plant

Rosneft (a leading Russian petroleum company) and the China National Сhemical Company (ChemChina) have signed a Heads of Agreement on establishing a Joint Venture (JV). The document was signed by Rosneft Chief Executive Officer, Igor Sechin and General Manager of ChemChina Yang Xingqiang.

According to the terms of the document, the parties will establish a JV in the Bolshoy Kamen priority development territory in Primorsky Krai, Russia, to build a plant and a polymer coatings and paints facility with a capacity of 50,000t/yr, as well as implement R&D activities. In that regard, Rosneft and ChemChina will conduct a feasibility study of the project and carry out the necessary preparations to set up a JV. As a result of the project implementation, the largest facility to produce special marine and arctic vessel coatings, a leader in this segment, will be established in Russia.

The plant’s production will find its application at the Zvezda shipbuilding complex in the Russian Far East, being constructed under the order of the President of Russia Vladimir Putin. In particular, Rosneft and ChemChina will establish a working group to develop new polymer coatings for ships of various classes, including Arctic class vessels.