Gazprom Neft, Total form JV to produce modified bitumen in Russia

By JAMES MARSON

MOSCOW -- Gazprom Neft has signed an agreement with Total to form a joint venture to produce and sell modified bitumen and bitumen emulsions on the Russian market, Gazprom Neft said in a statement.

Each partner will have a 50% stake in the joint venture, which will build a special production facility at Gazprom Neft's Moscow oil refinery.

The facility will have a capacity of 60,000 Mt of polymer modified bitumens and 7,000 tons of bitumen emulsions per year.