SNC-Lavalin strengthens its presence in Russia
SNC-Lavalin of Montreal has purchased 48% of a long-established Russian engineering company that specializes i...
SNC-Lavalin of Montreal has purchased 48% of a long-established Russian engineering company that specializes in the oil, gas, petrochemical and chemical sectors.
OAO VNIPIneft (VNP) was founded in 1929 as the Research and Design Institute of Oil Refining and Petrochemical Industry, and has about 900 employees. Its head office is in Moscow, and it has a branch office in Perm in the Ural Region.
The Russian company has designed over 40 refineries and industrial projects in Russia, Europe and the Middle East.
The director general of VNP, Vladimir Kapustin, said: “We welcome our new shareholder and we hope that this step will further enrich our collaboration and allow us both to strengthen our position in the Russian market and regain our position in the international market of engineering services.”
Jean Beaudoin, executive vice-president of SNC-Lavalin in charge of its global chemical and petroleum operations, noted that the Montreal-based company has been operating in Russia for over 30 years and has worked with VNP for the last few years on several projects.