OREANDA-NEWS. September 20, 2011. On September 7, 2011, the Board of Directors of JSOC Bashneft approved the establishment of a joint venture-United Petrochemical Company-with Austrian company Petrochemical Holding GmbH. The purpose of the new company will be to study and analyze the current conditions and investment attractiveness of Russia’s petrochemical sector. It will also develop options and proposals to improve the investment attractiveness of Bashneft.

Founders plan to establish the joint venture with authorized capital of 10 million euros. Each participant will invest its proportional share in the new company: JSOC Bashneft, 75 percent and Petrochemical Holding GmbH, 25 percent.

Registration of the new company legally secures the intentions of Bashneft and Petrochemical Holding to collaborate. Vienna-based Petrochemical Holding is headed by Yakov Goldovsky. Mr. Goldovsky has considerable experience in the petrochemical sector.