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LUKoil, U.S. Nalco set up chemical reagent JV

LUKoil, Russia's largest independent oil producer, and U.S. Nalco Holding Company will establish a joint venture to produce chemical reagents in Siberia, LUKoil said on Thursday

The joint venture will be based on facilities of the Kogalym Chemical Reagent Plant, owned by LUKoil-West Siberia, which will own 34% in the venture, while Nalco will own the remaining 66%.

The planned chemical reagent output volumes wll rise to 27,830 tons in 2015 from 5,900 tons in 2011.

The joint venture will supply LUKoil-West Siberia and other companies with premium-class chemical reagents used for increasing the rate of oil recovery, treatment of well equipment and also for oil preparation.

Nalco will upgrade production, introduce production and service technologies, develop a new product line and train staff at the joint venture.

Source : RIA Novosti