OREANDA-NEWS. November 01, 2012. In the course of the First Moscow International Innovative Development Forum “Open Innovations” State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, venture company Bright Capital and technological company Siluria technologies, Inc. entered into an Agreement on Cooperation aimed at establishing strategic partnership and promoting long-term, effective and mutually beneficial cooperation on implementing investment projects in the oil and gas chemical sector.

This cooperation might result in projects on creating production facilities to manufacture ethylene or liquid hydrocarbons from natural gas using technology of Siluria Technologies, Inc. The projects’ budget is to amount to about 45 billion rubles. The plants’ potential capacity is up to 1.5 million tons of products per year.

Siluria’s technology can also be used to efficiently utilize associated petroleum gas by transforming it through ethylene into liquid hydrocarbons in oil fields. This approach would make it possible to generate additional income for oil companies and not to burn associated petroleum gas in flares.

Moreover, Siluria Technologies, Inc and Bright Capital will be jointly responsible for organizing technical and technological support of the projects which under their participants’ plans would use Siluria’s technology on the Russian territory. The companies are also to engage Russian or international industrial partners for implementing the projects.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in 2007 in conformity with Federal Law On the Bank for Development” through a transformation of Bank for Foreign Economic Affairs of the USSR. The Bank for Development is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.

Bright Capital is a venture capital firm investing in high-technology projects jointly with international venture funds and corporations. The venture capital firm focuses on renewable sources of energy, energy efficiency, new materials, biochemistry, the Internet and telecommunications. Bright Capital helps to transfer the best international technologies to Russia under the programs of Russia’s largest industrial enterprises development.

Siluria INC. (Siluria Tecnologies) is company from San-Francisco (the US) involved in commercializing a technological process it developed to turn  natural gas into more valuable chemical products and various kinds of fuel. This energy efficient and low cost process of producing motor fuels is a serious alternative to producing them from oil. The Technology Review ranked Siluria among the top 50 most innovative world companies in 2012.