Moscow, 15 December 2010. Fluor Corporation and the petrochemical holding company SIBUR have signed a memorandum of understanding for the establishment of a joint venture based on NIPIgazpererabotka, the Russian company’s Research and Design Institute for Gas Processing. Initially, Fluor will acquire a 10% stake in NIPIgazopererabotka. Three members of Fluor’s management will become members of the Board of Directors of NIPIgazopererabotka.
In the first stage, a working group consisting of representatives from Fluor and NIPIgazopererabotka will launch a pilot project for the design and construction of the Yuzhny Balyk -Tobolsk pipeline connecting the Yuzhny Balyk gas processing plant to the Tobolsk petrochemical complex.
In future the founders of the joint venture plan to build on the basis of the institute’s leading design and engineering center in the oil and gas construction market in Russia and the Commonwealth of Independent States (CIS).
«Fluor’s long history of cooperation with SIBUR and NIPIgazopererabotka in Russia makes this new alliance a logical next step," said Peter Osterveer, President of Fluor’s Energy & Chemicals Group. «We believe that the combination of Russian potential and ingenuity with its proven systems working on Fluor’s global projects will provide added value to projects for the development of the oil and gas industry in Russia and the CIS.»
«The partnership with Fluor will allow SIBUR and other market participants to use
The competitive advantage of the new business will be the combination of Fluor’s expertise in global engineering, procurement and project management joined with the investment and construction experience of SIBUR and NIPIgazopererabotka in Russia and the CIS.
NIPIgazopererabotka is the leading research and design institute in Russia for gas processing, and the chief designer for more than forty gas processing plants and installations for the transport and treatment of hydrocarbons. The institute has about 700 employees. Its management office is located in Krasnodar. It is part of SIBUR, the largest petrochemical holding company in Russia and Eastern Europe (www.sibur.ru/eng).
About the Fluor Corporation
The Fluor Corporation (NYSE: FLR) develops, builds and maintains many of the most interesting and challenging projects in the world. Through a worldwide network of offices located on six continents, the company has extensive capabilities and
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