Pirelli, Rosneft and Synthos signed a Memorandum of Understanding regarding the approval of the results of the feasibility study begun in April and future cooperation in the development of the synthetic rubber plant construction project in Nakhodka, Russia.
The document was signed during the Fourth Eurasian Forum in Verona by Rosneft Chairman of the Management Board Igor Sechin, Pirelli Executive Vice Chairman and CEO Marco Tronchetti Provera, and Synthos majority stakeholder Michal Solowow.
By signing the MOU, the parties confirm their intention to analyze the possibility of the creation of a joint venture between Rosneft and Synthos in the area of synthetic rubber production in Nakhodka, and the implementation of joint Pirelli R&D in the area of tyre materials. Ultimately, Pirelli would become the key customer for the synthetic rubber, as indicated in an MOU signed with Rosneft in 2014.
Sechin said that the agreement will allow them to build the most advanced synthetic rubber plants as part of their FEPCO development in Nakhodka and supply Chinese and other Asian markets.
“We are pleased to be moving forward with Rosneft and Synthos on this project, greatly encouraged by the positive results of feasibility study. Pirelli’s involvement in the process of developing this advanced regional production hub, both on the R & D side and eventually as a key customer, underlines our belief in and commitment to the entire Russian market.” Provera said.