OREANDA-NEWS. On October 24, 2007 OAO TATNEFT and the German company Preiss-Daimler Group entered into an agreement of intent and principles of cooperation in establishing a joint venture for the production of glass fiber in the territory of the special economic zone (SEZ) "Alabuga" in Tatarstan. The document was signed in Kazan on  October 24 by Shafagat Takhautdinov, General Director of OAO TATNEFT, and Jurgen Daimler Preiss, President of the German Company, reported the press-centre of Tatneft.

This is the agreement providing for the establishment of the joint venture, its management structures, and also providing for financing of the project, securing the raw materials supply and finished products sales.
 
The cost of the entire project is estimated at 60 million euros. Preiss-Daimler Group, which occupies a leading position in Europe in manufacturing of refractory materials and glass fiber products, will make their investments, including in-kind contributions in the form of know-how. The Company will supply refractory materials for the glass-melting furnace, in which the temperature reaches 1,400 degrees. The Company will also train local specialists.

Shafagat Takhautdinov expressed a number of wishes to the partners, in particular proposing to consider possibility of reducing the project payback period.

Calling it a landmark day Jurgen Preiss Daimler said that the plant will be one of the most up-to-date plants in Europe and it will be a super-automated one. Local raw materials will be used to manufacture products.

The world market for glass fiber is growing at the rate of 8% a year. This material is used in automobile construction, shipbuilding as well as in other industry branches. 8 tons of this material is required to manufacture one wind mill blades.