SNC-Lavalin Signs Protocol of Cooperation for More Work
on LukOil Refinery
MONTREAL, QUEBEC--JUNE 29, 2000--Jacques Lamarre, President and Chief Executive
Officer of SNC-Lavalin, and Vagit Alekperov, President and Chief
Executive Officer of OAO NK LukOil, have signed a protocol of
cooperation for the design, project financing and construction of
a reformer unit at LukOil's Volgograd Refinery.
The reformer will produce high grade gasoline to meet strong
demand within the Russian Federation. Depending on the technology
chosen, it is estimated to have a capital cost of between US$60
and 70 million. This contract is a continuation of collaboration
between the two firms in the modernization of the Volgograd
Refinery which began in 1992 and has involved many Canadian and
Russian suppliers and the Export Development Corporation (EDC).
SNC-Lavalin has been active in Russia since 1976 and has carried
out projects in the chemicals and petroleum sector, as well as in
the construction and development of infrastructure. "Canada and
Russia are similar in many respects," said Mr. Lamarre. "A key to
our success here has been the ability to understand and work
closely with our Russian counterparts, and that is especially
evident in the LukOil project, to which this further collaboration
attests."
Mr. Lamarre is in Russia participating in the trade mission led by
the Department of Foreign Affairs and International Trade, and
attending the fourth meeting of the Canada-Russia
Intergovernmental Economic Commission (IEC), an industry-led
bilateral forum that aims to foster trade and economic relations,
investment and the transfer of technology between Canada and
Russia.
SNC-Lavalin Group is one of the leading engineering and
construction firms in the world, and a key player in the ownership
and management of infrastructure. The group and its companies
have offices across Canada and in 30 other countries, and are
currently working in some 100 countries. The company is listed on
the Toronto Stock Exchange (symbol: SNC). |
