ERJ staff report (PRW)
Nizhnekamsk, Tartarstan -- Russian petrochemicals company Nizhnekamskneftekhim (NKNH) has signed a deal to supply plastics processors in Finland with styrene monomer over the next three years.
The company, based in Nizhnekamsk in Russia's semi-autonomous republic of Tatarstan, is due to deliver styrene valued at nearly euro 37m to the Finnish offshoot of global expanded polystyrene (EPS) producer StyroChem between 2011 - 2013.
NKNH is also set to supply the monomer to Ashland Finland, the subsidiary of US speciality chemicals group Ashland Inc. which operates resin plants in Porvoo and Tampere, Finland. That deal will see styrene worth more than euro18m supplied in the period of 2011-12, according to the Tatarstan government.
Agreements were signed by the companies during a recent official visit to Finland by the Russian republic's president Rustam Minnikhanov reported his news service.
NKNH is a major Russian synthetic rubber and polystyrene producer as well as manufacturing polyolefins and their raw materials. The Tatarstan government holds a 29 percent stake in the group.
During 2009, NKNH reported a company turnover of euro 1.5bn with a net profit of euro 10.6m.
NKNH, an important exporter of synthetic rubber, plans to expand its production of the products through to 2014 to meet growing foreign demand, the company revealed last year.
From PRW.com (A Crain publication)
Press release from President of Tartarstan (Russian language)
Above press release auto-translated into English (from Russian)
