Morton state corporation intends to establish in Egypt, Brazil and the UAE a network of plants, producing composite material made of basalt fiber reinforced polymers.
The project is estimated at $100 m, head of the state corporation, Alexander Ruchyev, said in an interview to RIA Novosti.
Mr Ruchyev said that Morton builds another plant for composite materials production in Brazil. He specified that the company will invest in new technologies and the end products will be manufactured jointly with a local producer. The similar facility is being built in the UAE.
According to him, all facilities are scheduled to be put into operation in 2017.
Global market of composite materials is estimated at $100 bln and no more than 0,5% of it accounts for Russia. Whereas in terms of basalt stocks Russia ranked first.