MONTREAL, Aug. 14 /CNW Telbec/ - SNC-Lavalin is pleased to announce that
it has purchased 48% of the common shares of OAO VNIPIneft (VNP), a leading
Russian engineering company specialized in oil refining, gas processing,
petrochemicals and chemicals.
Founded in 1929 as the Research and Design Institute of Oil Refining and
Petrochemical Industry, OAO VNIPIneft has approximately 900 employees based at
its head office in Moscow and in a branch office in Perm, in the Ural region.
Over the past 80 years VNP has designed over 40 refineries and industrial
projects across Russia, the CIS countries, Europe and the Middle East.
"We are delighted with this acquisition," said Jean Beaudoin, Executive
Vice-President, SNC-Lavalin Group Inc. in charge of its global chemicals and
petroleum operations. "SNC-Lavalin has been operating in Russia for over 30
years and it is a key market for us. We have worked well with VNP on our
projects in the region during the last few years, and we now look forward to
further strengthening our strategic position in Russia and to becoming a
leader in the oil and gas market in Russia, combining VNIPIneft's local
expertise with our global capabilities in delivering large projects."
Director General of OAO VNIPIneft Vladimir Kapustin said: "We welcome our
new shareholder and we hope that this step will further enrich our
collaboration and allow us both to strengthen our position in the Russian
market and regain our position in the international market of engineering
SNC-Lavalin (TSX:SNC) is one of the leading engineering and construction
groups in the world and a major player in the ownership of infrastructure, and
in the provision of operations and maintenance services. SNC-Lavalin has
offices across Canada and in over 35 other countries around the world, and is
currently working in some 100 countries. www.snclavalin.com
For further information:
For further information: Media: Gillian MacCormack, Vice-President,
Global Public Relations, SNC-Lavalin Group Inc., (514) 393-8000, ext. 7354,
firstname.lastname@example.org; Investors: Denis Jasmin, Vice-President,
Investor Relations, SNC-Lavalin Group Inc., (514) 393-8000, ext. 7553,