Russia’s Rostec State Corporation and China’s Beijing Petrochemical Engineering Company (BPEC) have signed a memorandum of cooperation, Rambler News reports on Wednesday.
Within the framework of their cooperation, a joint venture for the localization of technologies of natural gas liquefaction (LNG) will be set up at Rostec’s enterprises, the Corporation says.
As a result, Rostec will receive a controlling stake in this joint venture.
The document states that the agreement meets the objectives of import substitution policy and the need for the creation of high-tech jobs. In addition, the joint venture complies with Rostec’s strategy – the growth in ruble revenues by 17%, among other things, due to an increase in sales of civilian products.
