Rosneft extends cooperation with Armenia

ERJ staff report (TP)

Yerevan, Armenia – Rosneft President Igor Sechin met with Armenian President Serzh Sargsyan in December 2013 to officially expand their cooperation for styrene-butadiene rubber (SBR) production.

Rosneft, Pirelli Tyre Russia and Oil Techno signed a Memorandum of Understanding (MOU) to establish an SBR production joint venture in Armenia.

Rosneft said: “The project will help implement new technologies in Armenia and create a modern production facility of state-of-the-art eco-friendly materials – SBR is employed in the production of ‘green tires’, which improves fuel economy performance and also tire grip in wet and dry conditions”.

Under the terms of the MOU, Moscow-based Rosneft “intends to be a leading investor and equity holder in the plant” and Pirelli will cooperate jointly with Rosneft in R&D activities to develop SBR. Rosneft said that Pirelli is also interested in entering into a long-term off-take agreement to purchase the SBR produced.

Sechin said: “The realisation of the project will promote the revitalisation of the rubber industry in Armenia and will help strengthen Armenia's economy and industrial capabilities to compete in the world market. Moreover, this memorandum is an example of strengthening ties between Armenia and Russia following the trade agreement ratification".

Pirelli’s Prince Aimone Di Savoia said: “This MOU to develop a new source of synthetic rubber is another sign of our commitment to and belief in Russia and the Russian market. It is also the fruit of our growing relationship with Rosneft, one of our key partners in the region".