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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pjsc Tatneft (CE) | USOTC:OAOFY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.55 | 0.00 | 01:00:00 |
Pirelli SpA (PC.MI) said Friday it has signed a memorandum of understanding with Russia's Sibur Holding to set up a tire-making joint venture.
The agreement also involves related ventures making steelcord and synthetic rubber derivatives for industrial use, the Italian company said.
Sibur Russian Tyres, a unit of the Russian petrochemical group, will confer some assets to two joint ventures constituted by Pirelli and Russian Technologies, a state-owned company.
One of the ventures will likely be able to make up to 3 million car tires by the end of next year, Pirelli said.
Sibur Holding, which is controlled by Gazprombank (GZPR.RS), will agree to be a long-term supplier to Pirelli and the two joint ventures, the Italian company said.
The new tire-making company may eventually buy or merge with Nizhnekamshkshina, a producer controlled by Tatneft (TATN.RS), Pirelli said.
-By Christopher Emsden, Dow Jones Newswires; +39-06-6976-6921; chris.emsden@dowjones.com
1 Year Pjsc Tatneft (CE) Chart |
1 Month Pjsc Tatneft (CE) Chart |
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