Dow, RUSNANO to Develop Composites in Russia
The Dow Chemical Company, DowAksa Advanced Composites Holdings B.V., RUSNANO, and Holding Company Composite (HCC) signed a memorandum of intent (MOI) on Friday to develop a strategy to launch production of carbon fiber intermediates, composite materials, and solutions in Russia, RUSNANO said.
“The parties have agreed to explore opportunities in the areas of aerospace, infrastructure, energy, oil and gas, and transportation, and to explore supplying both the Russian domestic and global markets,” the company said.
The MOI was signed at the World Economic Forum in Davos, Switzerland.
“The signing of the MOI on potential manufacturing of carbon fiber intermediates in Russia marks a significant step forward in Dow’s innovation and growth strategy, and strengthens our commitment to addressing the needs of growing emerging geographies such as Russia,” Dow’s Chairman and Chief Executive Officer Andrew N. Liveris said.
Rusnano CEO and Chairman of Executive Board Anatoly Chubais said the agreement opens “a pathway to our portfolio companies for business and technological partnership with Dow Chemical—the acknowledged leader in innovations in the chemical industry.”
HCC CEO Leonid Melamed said he expected a strategic agreement will be reached later this year “on DowAksa’s investment in our project and set up the partnership that will promote our products in Russia, the CIS, and international markets.”