RDIF, Indorama Corporation and Yadran-Oil agree joint investments in Tatarstan’s chemical industry
Press release, 14.11.2018
Singapore, November 14, 2018 - The Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, Singapore’s Indorama Corporation, one of the leadingchemical corporations in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. The agreement was signed today on the sidelines of the meeting of Russian President Vladimir Putin and the Prime Minister of Singapore Lee Hsien Loong.
For the first joint project under the agreement, RDIF, Indorama and Yadran-Oil are exploring the possibility of investments in the further development of Ammoni integrated chemical complex located in the city of Mendeleevsk, the Republicof Tatarstan, which produces ammonia, methanol, ammonium nitrate and carbamide. Indorama Corporation will act as both a strategic and operational partner.
The Government of Tatarstan will provide all necessary support for the project.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“We are pleased to welcome one of Asia’s leading chemical companies, the Indorama Corporation, to Russia. Through joint investments and Indorama’s unique expertise, we see opportunities to improve production efficiency at Ammoni, as well as to expand sales of the company's products. This opens up opportunities for substantial additional investment in Tatarstan and the Russian chemical industry as a whole.”
Amit Lohia, Vice Chairman of Indorama Corporation Pte Ltd, Singapore, said:
“We are pleased to have an opportunity to work together with RDIF in the Republic of Tatarstan. We believe with our global footprint and deep experience in manufacturing, we will be able to add value in improving operational efficiency and market reach for Ammoni. This shall open up opportunities for broader co-operation between us and will provide a foundation to Indorama, to explore additional investment opportunities in Tatarstan and the Russian chemical industry as a whole.”
Irek Salikhov, Chairman of Yadran-Oil, said:
“The accumulated experience of our company in the implementation of industrial investment projects, the professionalism of our respected partners - the Russian Direct Investment Fund and Indorama company, the support of the Government of the Republic of Tatarstan - are key to the successful development of the Ammoni chemical complex. We signed the corresponding agreement today.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
Indorama Corporation Pte Ltd is a Singapore based leading manufacturer of chemicals, polymers, fertilizers, synthetic disposable gloves, textile and other industrial products. It has a diversified manufacturing presence in both developed and frontier emerging markets. Further information can be found at www.indorama.com
JSC Yadran-Oil is one of the dynamically developing holdings of the Republic of Tatarstan. It occupies a leading position, both in the framework of its main activity - oil production, refining, supply of petroleum products and petrochemicals, and in a wide range of high-tech services: from recycling of industrial waste to construction of oil and gas facilities. Further information can be found at www.yadran-oil.com
For additional information contact:
Arseniy Palagin Andrew Leach / Maria Shiryaevskaya
Russian Direct Investment Fund Hudson Sandler
Press Secretary Tel: +44 (0) 20 7796 4133
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41