MOSCOW (MRC) -- The foundation stone has been laid in Saratov, Russia for the future plant of OOO SNF Vostok (part of SPSM S.A., a holding that owns companies of SNF Group) to produce polymers from acrylonitrile, as per Hydrocarbonprocessing.
The groundbreaking ceremony was attended by several top executives and officials, including: Vladimir Nekrasov, first vice president of PJSC Lukoil; Vadim Vorobyev, vice president for oil refining, petrochemicals and gas processing of PJSC Lukoil; Valery Radayev, governor of Saratov Region; Rene Pich, general director and owner of SPSM S.A.; and Stanislas Henrion, counsellor for transport, industry and sustainable development of the Embassy of France in Russia.
As the only producer of acrylonitrile in Russia, OOO Saratovorgsintez - a wholly-owned subsidiary of PJSC Lukoil -will supply feedstock to the future facility of SNF Vostok for the production of polymers that will be used by Lukoil to enhance oil recovery rates of its fields.
The construction of the polymer plant in a close proximity to LUKOIL's petrochemical facility will reduce costs for transportation of feedstock and end products, as well as facilitate the import substitution of considerable volumes of chemicals.
As MRC wrote previously, OAO Lukoil Holdings, Russia's No. 2 oil producer, will invest USD1 billion in the oil firm Samara-Nafta to increase production. Lukoil acquired Samara-Nafta from Hess Corp. this month for USD2 billion as part of a strategy to stabilize and increase oil production. Lukoil has for years fought declining output at its main, Soviet-era fields in Western Siberia. The investment in Samara-Nafta will increase production by between 5% and 7% over the next five years from 2.5 million tonnes a year, Prime news agency cited the company as saying.
LUKoil, a Russian-based company, is one of the global leaders in the production and refining of crude oil and gas resources. The world's largest privately owned oil and gas company, measured by proven oil reserves, LUKoil has operations in over 40 countries.
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