Rustam Minnikhanov and Head of Wanhua Chemical Company discuss cooperation in petrochemical industry

On September 28, during a working visit of Tatarstan delegation to the Chinese city of Yantai, at a meeting of President of the republic Rustam Minnikhanov with head of Wanhua Chemical Company Zengtai Liao, the parties discussed prospects for the development of cooperation between Tatarstan and the Chinese Wanhua Chemical Company.

Aide to Tatarstan President Radik Gimatdinov, Deputy Minister of Industry and Trade of the republic Ildar Mingaleev, heads of major oil and petrochemical companies of the republic took part in the meeting.

The Wanhua is a Chinese chemical company, manufacturing and selling polyurethane, petrochemicals and specialty chemicals. The company has five manufacturing bases all over the world and has set up over ten branches in Europe, Middle-East, America, Japan, Russia, India and other countries. Operating profit of the company amounted to 9.5 billion US dollars and net profit was 2.9 billion US dollars.

During the meeting, Minnikhanov noted that the oil and gas complex is the basic industrial sector of Tatarstan and ranks key positions in the economy. The Republic is the leader in manufacturing of polyethylene, polystyrene, rubber and tires for trucks.

Tatarstan President informed that large chemical enterprises such as Kazanorgsintez Chemical Company and Nizhnekamskneftekhim Petrochemical Company are located in the republic. The petrochemical sector of Tatneft Oil Company is also operating.

“The Wanhua is one of the largest chemical companies in China. We are interested in cooperation and are ready to discuss different models of interaction,” Minnikhanov added.

Liao noted that he knows about the developed petrochemical cluster of Tatarstan. “We are also looking forward to mutually beneficial cooperation and hope to find area of common interest with your enterprises,” he concluded.

Minnihanov invited Liao to visit Tatarstan and get acquainted with the industrial and investment potential of the republic.