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Rosneft Unit Sets Up Russia JV with Finnish Oil Spill Recovery Equipment Maker Lamor.

M2 EQUITYBITES-September 8, 2017-Rosneft Unit Sets Up Russia JV with Finnish Oil Spill Recovery Equipment Maker Lamor

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8 September 2017 - 82 Ship Repair Plant, a company of Russia's Rosneft group, and Finnish oil spill recovery equipment provider Lamor Corp. Ab have signed a joint venture agreement, the companies said on Friday.

Rosneft and Lamor agreed to create a joint venture for production of oil spill response equipment including equipment in Murmansk on the basis of 82 Ship Repair Plant.

It is planned to reach at least 70% equipment localisation level within the joint venture by 2025.

The agreements reached will enable Rosneft to ensure technical designing and manufacturing in Russia of innovational products for maintaining safety of company's projects.

Additionally joint work with Lamor which is an expert in the production of oil spill response equipment will allow for introduction advanced methods of training of Russian specialists for application and maintenance of this equipment.

Rosneft is the largest subsoil user on the continental shelf of the Russian Federation: The company holds 55 licenses (28 of them on the Arctic shelf) that cover a total area of more than 1m square kilometers.

The preservation of a favourable environment and the biological diversity of fragile marine ecosystems is the fundamental principle of the company's operations.

Geological exploration is preceded by a series of detailed environmental studies: weather, ice conditions, their movement, specific features of the animal world.

The resulting data will enable to identify safe spots for geological exploration, design drilling platforms and other facilities necessary for oil production.

Rosneft approaches environmental safety in a systemic way and aims primarily at preventing contingencies.

Lamor operates in 94 countries and enjoys a 40% market share of the global OSR equipment market. The company has experience in localizing production in the US, China, and Spain.

Moreover, the company has more than 30 years of experience in the development and application of Arctic technologies.

Lamor's oil spill response equipment service centers have been operating in Russia for 18 years, for example Ekoshelf (Sakhalin) and Ekoshelf-Baltika (Saint-Petersburg).

Apart from Russia, Lamor has offices in Brazil, China, Oman, Peru, Turkey, UK and USA. The company develops and implements technologies to respond to oil spills both at sea, including in the Arctic zone, and on the shoreline.

The company is in the production of oil spill response operating in various climate conditions and it holds leading positions in the Arctic oil spill response equipment production and distribution market.

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Publication:M2 EquityBites (EQB)
Geographic Code:4EXRU
Date:Sep 8, 2017
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