FRANKFURT (Reuters) - German industrial gases group Linde (LING.DE) said it had won a contract to supply PJSC Nizhnekamskneftekhim’s (NKNK) new olefin plant and agreed a strategic cooperation with the Russian company’s parent, the TAIF Group.
“This large-scale project, coupled with plans for a strategic alliance with the TAIF Group, take our successful collaboration to a whole new level,” Linde Chief Executive Aldo Belloni said in a statement.
NKNK is based in Russia’s Republic of Tatarstan, 1,000 km (625 miles) east of Moscow, and is part of TAIF Group.
Linde’s Belloni said the contract also put Linde in a strong position to win further contracts in the industrial gases and plant engineering sector in the Eastern European market.
German newspaper Sueddeutsche Zeitung had said earlier this week the deal in Tatarstan was worth about 1 billion euros ($1.12 billion).
Reporting by Maria Sheahan. Editing by Jane Merriman