Pirelli signs Armenia synthetic rubber MoU
On 27 December, Pirelli reported the signing of a Memorandum of Understanding between Pirelli Tyre Russia, Russian petroleum company Rosneft and Oil Techno; the MoU covers setting up a joint venture to research and develop synthetic rubber, in particular Styrene-Butadiene Rubber (SBR), in Armenia.
Under the terms of the MOU, Rosneft will be the leading investor and equity holder in the Armenian SBR operation and Oil Techno will be the local partner. For its part, Pirelli will cooperate jointly with Rosneft in research and development activities to develop SBR and is interested in entering into a long-term supply agreement to purchase the SBR produced.
Commenting on the MoU’s signing, Igor Sechin, president and chairman of Rosneft’s Management Board, said: “the realisation of the project will promote the revitalisation of rubber industry in Armenia and will help strengthen Armenia’s economy and industrial capabilities to compete in world market. Moreover this memorandum is an example of strengthening ties between Armenia and Russia following trade agreement ratification.”
The head of Pirelli Tyre Russia, Aimone di Savoia, added that “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.”