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Comment Business & Economics

Fluor and Sibur sign MoU

By Gerald Ondrey |

Fluor Corp. (Irving, Tex.; www.fluor.com) has signed a memorandum of understanding (MoU) with Sibur (Moscow; www.sibur.ru), Russia’s leading petrochemical company, for the establishment of a joint venture with the Scientific Research and Design Institute for Gas Processing (NIPIgaspererabotka) in Krasnodar, Russia. Fluor will initially commit a 10% stake in the Sibur design institute. Three Fluor executives will become members of the board of directors of NIPIgaspererabotka. The team will then launch a pilot project for the design and construction of the Yuzhny Balyk-Tobolsk gas pipeline, which will connect the South Balyuk gas processing plant with the Tobolsk petrochemical complex. The joint venture participants plan to develop the company into one of the leading engineering, procurement and construction management service firms for the oil and gas markets in Russia and the Commonwealth of Independent States (CIS). "Fluor’s long history with SIBUR and NIPIgaspererabotka in Russia makes this new alliance a logical next step," says Peter Oosterveer, president of Fluor’s Energy & Chemicals Group. "We believe that combining local Russian capabilities and ingenuity with Fluor’s proven global…
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