Total Vostok, the subsidiary of the Marketing and Services Division of Total multinational oil and gas company in Russia opened on Monday a lubricants oil blending plant in Russia's western Kaluga region, stressing the importance of the country for the company in a statement.
MOSCOW (Pakistan Point News / Sputnik - 15th October, 2018) Total Vostok, the subsidiary of the Marketing and Services Division of Total multinational oil and gas company in Russia opened on Monday a lubricants oil blending plant in Russia's western Kaluga region, stressing the importance of the country for the company in a statement.
The factory in Russia required some $50 million of investment, and aims to produce 40,000 tonnes of automotive and industrial lubricants a year, with a possibility to increase this capacity to 70,000 tonnes in the future, according to the company.
"As illustrated by our commitment to major LNG projects in the Arctic, Russia has become a key country for Total. In addition to our upstream activities, Russia is also one of the highest priority development markets for our Marketing and Services and downstream products, especially lubricants. With this production and blending facility opening in Kaluga today, we are showing our strong dedication to our Russian customers," Total Chairman and CEO Patrick Pouyanne said as quoted in the statement.
Pouyanne added that the plant was inaugurated in conformity with Total's strategy to increase profits in developing markets.
In turn, Kaluga Region Governor Anatoly Artamonov said that the region remained attractive for foreign investors.
"The opening of Total factory once again confirms the economic and investment attractiveness of the Kaluga region for international partners. We aspire to provide the best conditions for companies which understand the importance of production localization in Russia ... The Government of the region is ready to support them in such important and long-term projects," Artamonov was quoted in Total's statement as saying.
Total Vostok has built the plant in the Vorsino industrial park in less than two years, creating 50 new jobs there.
In 2014, relations between Russia and the West deteriorated over Moscow's alleged involvement in the Ukrainian conflict and Crimea's reunification with Russia following a referendum. The United States and the European Union imposed several rounds of sanctions on Russia's energy, banking, defense and other sectors, as well as on a number of Russian officials. Moscow has repeatedly denied the allegations of meddling in the Ukrainian conflict and reacted with countermeasures against the Western nations that targeted it with sanctions.
