Total Opens Plant In Kaluga Region, Says Russia Key Country For Company - Statement
Rukhshan Mir (@rukhshanmir) Published October 15, 2018 | 07:21 PM
Total Vostok, the subsidiary of the Marketing and Services Division of Total multinational oil and gas company in Russia opened on Monday a lubricants oil blending plant in Russia's western Kaluga region, stressing the importance of the country for the company in a statement.
MOSCOW (UrduPoint News / Sputnik - 15th October, 2018) Total Vostok, the subsidiary of the Marketing and Services Division of Total multinational oil and gas company in Russia opened on Monday a lubricants oil blending plant in Russia's western Kaluga region, stressing the importance of the country for the company in a statement.
The factory in Russia required some $50 million of investment, and aims to produce 40,000 tonnes of automotive and industrial lubricants a year, with a possibility to increase this capacity to 70,000 tonnes in the future, according to the company.
"As illustrated by our commitment to major LNG projects in the Arctic, Russia has become a key country for Total. In addition to our upstream activities, Russia is also one of the highest priority development markets for our Marketing and Services and downstream products, especially lubricants. With this production and blending facility opening in Kaluga today, we are showing our strong dedication to our Russian customers," Total Chairman and CEO Patrick Pouyanne said as quoted in the statement.
Pouyanne added that the plant was inaugurated in conformity with Total's strategy to increase profits in developing markets.
In turn, Kaluga Region Governor Anatoly Artamonov said that the region remained attractive for foreign investors.
"The opening of Total factory once again confirms the economic and investment attractiveness of the Kaluga region for international partners. We aspire to provide the best conditions for companies which understand the importance of production localization in Russia ... The Government of the region is ready to support them in such important and long-term projects," Artamonov was quoted in Total's statement as saying.
Total Vostok has built the plant in the Vorsino industrial park in less than two years, creating 50 new jobs there.
In 2014, relations between Russia and the West deteriorated over Moscow's alleged involvement in the Ukrainian conflict and Crimea's reunification with Russia following a referendum. The United States and the European Union imposed several rounds of sanctions on Russia's energy, banking, defense and other sectors, as well as on a number of Russian officials. Moscow has repeatedly denied the allegations of meddling in the Ukrainian conflict and reacted with countermeasures against the Western nations that targeted it with sanctions.
Related Topics
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From Business
-
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
6 hours ago -
Pak-US officials engage to enhance trade, investment ties
7 hours ago -
Stocks fall as tech shares sink, US economy slows
8 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
9 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
9 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
9 hours ago
-
Honda announces US$11 bn EV battery and vehicle plant in Canada
9 hours ago -
Zhao Shirin calls on Punjab Industries Minister
10 hours ago -
CEO APM Terminals calls on Finance Minister
10 hours ago -
SACM visits GTVC checks attendance register
10 hours ago -
CEO APM Terminals meets Commerce Minister
10 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
10 hours ago