Events

13.10.2005 00:00

NOVATEK SIGNS A COOPERATION MEMORANDUM FOR THE DEVELOPMENT OF A PETROCHEMICAL COMPLEX IN THE OMSK REGION

Chairman of the management Board of OAO NOVATEK, Leonid Mikhelson, together with Leonid Polegeajev, Governor of the Omsk region, and Mikhail Sutiaguinsky, General Director of the «Titan, Group of Companies» (Titan), signed a cooperation Memorandum (the «Memorandum») for the development of a petrochemical plant (the «Project») in the Omsk region.

The Memorandum provides for the development of a modern petrochemical facility and the expansion of Titan’s existing capacity as well as improvements to the region’s environment.

The petrochemical facility, to be developed by NOVATEK and Titan, will produce polypropylene, butadiene and synthetic rubbers through deep processing of liquefied petroleum gas. The Omsk regional government will provide support for the Project.

The Project will also contribute to the economic and social development of the region through the creation of jobs and environmental improvements. The regional government is prepared to review proposals, developed under the Memorandum, and update its regional development plan accordingly.