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2009 | SNC-LAVALIN acsuires 48% of OAO VNIPINEFT
SNC-Lavalin is pleased to announce that it has purchased 48% of the common shares of OAO VNIPIneft (VNP), a leading Russian engineering company specialized in oil refining, gas processing, petrochemicals and chemicals.
Founded in 1929 as the Research and Design Institute of Oil Refining and Petrochemical Industry, OAO VNIPIneft has approximately 900 employees based at its head office in Moscow and in a branch office in Perm, in the Ural region.
Over the past 80 years VNP has designed over 40 refineries and industrial projects across Russia, the CIS countries, Europe and the Middle East.
“We are delighted with this acquisition,” said Jean Beaudoin, Executive Vice-President, SNC-Lavalin Group Inc. in charge of its global chemicals and petroleum operations. “SNC-Lavalin has been operating in Russia for over 30 years and it is a key market for us. We have worked well with VNP on our projects in the region during the last few years, and we now look forward to further strengthening our strategic position in Russia and to becoming a leader in the oil and gas market in Russia, combining VNIPIneft’s local expertise with our global capabilities in delivering large projects.”
Director General of OAO VNIPIneft Vladimir Kapustin said: "We welcome our new shareholder and we hope that this step will further enrich our collaboration and allow us both to strengthen our position in the Russian market and regain our position in the international market of engineering services".
SNC-Lavalin (TSX:SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries.
Source : Communiqué SNC-LAVALIN
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