OREANDA-NEWS. Bashkortostan authorities and POLYEF JSC have concluded an agreement for cooperation. The document was signed by Rafael Baidavletov, Prime Minister of Bashkortostan, and by POLYEF JSC shareholders - LUKOIL JSC Vice President, Director General of LUKOIL-Neftekhim CJSC Alexey Smirnov, President of SIBUR LLC Dmitry Konov and Director General of Zavod Selena LLC Vladimir Kaniber.
 
The President of Bashkortostan Murtaza Rakhimov, President of LUKOIL JSC Vagit Alekperov and Chairman of SIBUR Holding JSC Alexander Dyukov were present during the signature.
 
The parties have agreed to proceed with the investment program for the development of POLYEF JSC intended for the expansion of TPA production up to 600 KTA and PET production up to 400 KTA. The total investment is estimated at $840 million.

POLYEF JSC (Blagoveschensk, the Republic of Bashkortostan), the only Russia's polyester/polyether complex, was designed in the 80s as an integrated complex with capacity for 230 kta of terephthalic acid (TPA) and 240 kta of polyethylene terephthalate (PET), as well as for production of preforms, technical thread and nonwoven fabrics. The equipment was purchased at the times of the Soviet Union, yet assembling and engineering set-up were stopped due to lack of financing.