June 6, within the framework of the St. Petersburg International Economic Forum (SPIEF), a special investment contract (SPIC) was signed on the implementation of a project for the construction of formalin and paraformaldehyde industrial plants in Gubakha.

The agreement was concluded between Perm Krai and PJSC «Metafrax» for a period of 9 years. The document was signed by the Governor of Perm Krai Maxim Reshetnikov and the General Director of PJSC «Metafrax» Vladimir Daut.

The document confirms the company's readiness to build a new paraformaldehyde production plant in Perm Krai. As part of a special investment contract, the region will provide Metafrax the right for tax benefits and preferences.

The planned capacity of paraformaldehyde plant will be 30 thousand tons per year. Moreover, the investment project involves the construction of a formalin plant with a capacity of 180 thousand tons per year. The project is worth more than 5.2 billion rubles and is scheduled to be completed by the end of 2021.

The Chairman of the Board of Directors of PJSC «Metafrax» Armen Garslian noted the importance of state support in the development of the company. “Today, the investment portfolio of Metafrax exceeds 75 billion rubles excluding VAT. The implementation of investment projects and the construction of new productions will provide additional tax deductions to the relevant budgets of the Russian Federation, Perm Krai and the city district of Gubakha, as well as contribute to the overall socio-economic development of the region,”said Armen Garslian.

Comparing to 2017, income growth made 26 % or 11,6 billion rubles.

“The high financial and economic result is primarily justified by increase in the marketable products sales and favorable pricing environment in the local and international markets. As well as the growth of foreign sales, which also had an impact to the final indicators. Income from sales of products manufactured by PJSC "Metafrax" amounted to about 50% of the Group's consolidated income. - said Armen Garslyan, Metafrax Board of Directors Chairman. We are optimistic about 2019, according to the current year results, we expect the income to remain at the 2018 level”.

The Group scope of investments to fixed assets and construction in progress amounted to 13 billion rubles, exceeding the same 2017 value by more than 2.5 times.

In 2018 the core capital investments area was Ammonia-Urea-Melamine Complex construction; more than 10 billion rubles were spent on the project. “The official start of the AUM Complex project is a landmark event in 2018. Today the project is in the active stage. First, in the middle of summer it is necessary to complete construction of the administrative building. It is necessary to begin installation work in the Central control room and commission MSDS-3 ”commented Vladimir Daut, Metafrax Director General.

Other core capital investment areas in 2018: more than 375 million rubles were invested into construction of residential houses in Gubakha (2 houses were commissioned in November 2018, 4 houses are under construction); 275 million rubles were invested in the technical re-equipment of the tank car handling point; 181 million rubles were invested in the reconstruction of water supply and sanitation system; 160 million rubles were aimed to the technical re-equipment of the pentaerythritol crystallization unit.

On April 3, in Moscow, PJSC Metafrax and Norwegian company Dynea AS signed a contract for the construction of a 55% formalin production unit in Gubakha.

The formalin plant will be integrated with the paraformaldehyde production complex (paraform) under technology of GEA group of companies. The capacity of the plants will be 180 thousand tons of 55% formalin and 30 thousand tons of paraform per year. The project is worth more than 5.2 billion rubles and is scheduled to be completed by the end of 2021.

 - The equipment production time is 14 months. The start of the plant is scheduled for the 3rd quarter of 2021, - said Vladimir Daut. - Formalin, produced at the new plant, will be used as a raw material for the paraform production. It is important that Metafrax will become the only producer of paraformaldehyde in Russia.

With the commissioning of the plant, the total production capacity of 55% formalin will be 450 thousand tons per year. The volume of internal methanol processing at Gubakha site will reach 450 thousand tons per year.

“The companies of Metafrax group in Russia and Austria totally consume over 600 thousand tons of methanol per year,” said Vladimir Daut. - As part of the company's development strategy by 2030, our internal demand for methanol will reach 800 thousand tons.

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On February 14th, in the framework of Russian Investment Forum, Metafrax and GEA (Denmark) signed a contract for the development of the project and the supply of equipment for the plant of paraformaldehyde (paraform) at the Metafrax production site in the city of Gubakha, Perm region.

During these three days - representatives of Metafrax and Metadynea Trading SA - held more than 35 meetings, discussing possibilities of cooperation including supply of pentaerythritol, dipentaerythritol, phthalic anhydride, wax polymer compounds and polycarbonates. Suppliers and customers from EU, USA, Latin America and Far East were keen to hear news about new developments at Metafrax plant in Gubakha (Russia) and to evaluate samples of new packaging.

European Coatings Show is the leading international exhibition for high-quality coatings, paints, sealants, construction chemicals and adhesives. Every second year it attracts over 1K exhibitors and over 30K visitors. According to closing report of the show, this year event attracted visitors from 124 countries and exhibitors from 46 countries.

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According to market analysts in 2018, the volume of methanol export from Russia amounted to 1.9 million t. More than a quarter of this volume - almost 500 thousand tons - was exported by Metafrax. For this indicator, the company leads among Russian manufacturers.

The total export volume of Russian methanol has increased from 2015 from 1.4 to 1.9 million tons. In its turn, Metafrax has doubled its export value for the product over the past 4 years. In 2015 the company's volume of supplies abroad amounted to 254 thousand tons, in 2016 - 353 thousand tons, in 2017 - 383 thousand tons, by the end of 2018 - 495.5 thousand tons.

According to the representative of the company Metadynea Trading Vasily Mikhailov - over the past year, Metafrax managed to achieve a leading position in the methanol export market from Russia for a number of reasons, including the increased competition on the domestic market: “A significant share of exports, as before, was taken by Finland, where the Group of companies has an efficient logistics for the accumulation and transshipment of shiploads of methanol. The company is also quite active in distribution on the local Finnish market, offering a product delivered by both rail and road.

There is growing competition in the segment of methanol delivery by sea transport, forcing to enlarge the supply of lots where it is possible. It is also worth noting the increase in export deliveries by rail, which is related to the increase of the cost of maritime logistics and the improvement of netbacks in direct sales,”concludes Mr. Mikhailov.

On March 15, in Perm, with the support of Metafrax, the Second Regional Stage of the «World Winners' Games» was held - a sports festival for children who had won cancer. In total, 63 children from different parts of Perm region took part in the competition.

At the opening ceremony, the director of the Charitable Foundation «Bereginya», Tatyana Golubayeva, told how important it is to hold such Games in Perm: “During the 10 years of the foundation’s work all our efforts are aimed at ensuring that children with cancer recover. It is very important to carry out the Second Regional Stage in Perm, because we understand how many children need social and psychological rehabilitation”.

The games began with such disciplines as a 60-meter run, shooting, table tennis and chess. They were followed by walking, football and long jump.

It should be noted that there were no losers at this Games - everyone received pleasant impressions from sports and communication, and parents and friends were always there and supported their children.

A draw was held to determine who would go to the World Winners’ Games in Moscow - it was made by the representative of the General Partner of the Games in Perm - Advisor to the Chairman of the Board of Directors of PJSC Metafrax Maria Konovalova. According to her, the «Winners' Games» is a bright and life-affirming event, which helps to tell everyone that children's cancer is truly curable.

The project was implemented with the support of the beneficial owner of PJSC Metafrax Seyfeddin Rustamov.

Perm Tchaikovsky Opera and Ballet Theatre presented the programme of the Diaghilev Festival 2019.

Thus year the emphasis is made on the concert component. The festival will present the entire palette of musical phenomena: from old-time works to cutting-edge experimental opuses, selected by artistic director Teodor Currentzis with passion. The festival will open on May 20 and will last 11 days.

For the second time in the framework of the Educational programme a separate unit called Woman in Art will be implemented with the support of the beneficial owner of PJSC Metafrax, designed to assist female students in mastering “traditionally non-female” specialties in the field of art. The project “Fine Chemistry” will also be implemented, which will enable young composers, directors and performers to express themselves during the international festival.

On February 14, in the frames of the Russian Investment Forum, PJSC Metafrax and GEA Company signed a contract for the development of the project and the supply of equipment for the paraformaldehyde (paraform) plant at the Metafrax production site in Gubakha, Perm Region.

The volume of capital investments is estimated at 5.2 billion rubles. To implement the project, the company plans to raise both its own and borrowed funds. The payback period will be about 8 years.

When the new plant is started Metafrax will become the only manufacturer of paraformaldehyde in Russia. The plant capacity will be 30 000 tons per year. The time term of the investment phase of the project will be 3 years. The putting of the object in operation is scheduled for the second half of 2021. In addition, the investment project involves the plant construction to manufacture formaldehyde with the capacity of 180 thousand tons per year.

 According to the words of Mr. Vladimir Daut, General Director of PJSC Metafrax, paraformaldehyde is not produced in Russia currently and imported from Europe and China: “The construction of the plant at PJSC Metafrax site will allow the company to ensure domestic consumers in full scope and reduce dependence on imports. Part of the production will be exported. ”

The advantages of the GEA technology include high unit capacity of the plant and high quality of the product, low specific consumption of raw materials and energy while observing European industrial and environmental safety standards. The GEA technology makes it possible to produce paraformaldehyde with the assay in the range of 92 - 96%.

The Paraformaldehyde production will be integrated with formaldehyde and pentaerythritol production plants. Installation of a catalytic oxidizer for the disposal of exhaust gases. To reduce the environmental impact, the technology provides installation of a catalytic oxidizer for the neutralization of exhaust gases. Liquid effluents from the plant will be used as the raw material for the existing production of pentaerythritol at PJSC Metafrax site.

On February 1^st  a presentation of the investment and tourism potential of the Perm Region took place at the Embassy of the Republic of Austria in Moscow. A delegation of the Perm Region and representatives of government and business of Austria took part in the working meeting.

Opening the meeting, the Ambassador Extraordinary and Plenipotentiary of Austria, Mr. Johannes Eigner explained, that for the active development of Russian-Austrian relations it is important to work not only with the capital, but also with other cities of Russia. “The interest in the interaction between Austria and Perm region is caused by a number of objective reasons. This region is one of the most economically and industrially developed regions of Russia. Perm is one of the largest cultural centers of the Russian Federation ", - said Mr. Eigner.

The Representatives of the Perm region have focused on the economic cooperation of the parties. The Governor of Perm Region, Mr. Maxim Reshetnikov, noted that the Perm Territory and the Austrian Republic are active economic partners. The volume of foreign trade in January-October 2018 amounted to about 12 million dollars.

A presentation of enterprises of the Perm region for the Austrian delegation was held at the meeting. The flagship was Metafrax, the leading Russian producer of methanol and its derivatives. Mr. Armen Garslyan, Chairman of the Board of Directors of PJSC "Metafrax", said that the products of the group of companies are used in key industrial branches, such as woodworking, thermal insulation, abrasive tools, in the production of plastics and paints.

Synthetic resins of the subsidiary company "Metadynea" are in demand in the production of composition boards, plywood and decorative coatings. A "fine chemistry" is used in the manufacturing of drugs, disinfectants. At the same time, a significant share of deliveries of Metadynea - Austria accrues to the Austrian market. 73% is the share of Austrian customers in terms of volume, 68% is in terms of revenue.

“It is very important that today our relations have continued,” – noted Mr. Armen Garslyan. - The "Metadynea" Company is a successful example of Austrian-Russian cooperation. It has two production sites in Russia and one In Austria, in Krems. Today 500 people work there, the total turnover of the company is MEUR 343. There is a science center at the Austrian site that will allow us to become one of the world's technological leaders in the field of resins.

“Perm region is a reliable partner with a developed industry, infrastructure, science, social sphere. We are connected with Austria by industry, for example, the Metafrax Company with its Metadinea subsidiary in Austria, and culture in the name of of the artistic director of the Perm Opera and Ballet Theater, Mr. Teodor Currentzis and much more,”-said Mr. Maxim Reshetnikov.

Over the year, the number of Perm citizens in the National Register of Potential Bone Marrow Donors increased by a quarter and reached 3.6 thousand people. According to the Dedmorozim Foundation, 843 people came to donor center and donor actions in 2018.

Anyone who joined the register can save life of a child or an adult that have a blood cancer. Because the registry specialists are looking for donors who are willing to share bone marrow cells that are suitable for patients during transplantation. The greater the compatibility of a donor and a patient, the higher the chances of being treated without complications and recover fully.

“Every year these donors are needed by almost 5,000 Russians. But so far, there are not enough donors in the National Registry for anyone who needs help could get it, – says Dmitry Zhebelev, co-founder of Dedmorozim Foundation. – Currently, the database contains about 90 thousand people. To find the bone marrow for at least half of Russian patients, you need 500 thousand potential donors”.

Perm citizens significantly help to bring this goal closer. The largest network of bone marrow donors operates in the Kama region: it is possible to join the register in 51 Medlabexpress laboratories on any weekday. The work of centers and the donor project in general was financially supported by PJSC Metafrax and by Seyfeddin Rustamov, beneficial owner of the company, personally. Employees of the company also joined the register, organizing the largest corporate campaign to involve bone marrow donors in the Perm region. The Metafrax and Dedmorozim Foundation project was recognized as the winner in The Best Volunteering Project nomination during the National Corporate Media Conference Silver Threads 2018.

In 2019, cooperation of chemical company Metafrax and Dedmorozim Foundation will be continued with the new Return the Future project.

Our joint efforts will be focused on rehabilitation and support of disabled orphans in the Rudnichny village orphanage, - said Seyfeddin Rustamov, - the project includes a professional rehabilitologist work and a friendly environment that considers individual needs of children.

At the same time, the project develops volunteer initiatives of the company: Metafrax employees will be able to become friends for children from the Rudnichny village orphanage: holding joint events, sincere communication will also become part of the rehabilitation program.

For the first time, Metafrax took part in the Russian Federation Government competition in the field of quality. Company work over the past 5 years was evaluated.

In their reports, experts noted that Metafrax uses the most advanced technologies and cares for the environment. The jury noted the management contribution in the company development and investments in the modernization of production.

As a result, Metafrax received a score of 343 points, and almost half of the participants could not overcome the 250 points mark during the "in presentio" stage. Compared to the last year, the number of applications increased significantly: 300 companies took part in the competition.

The Award Council is headed by Denis Manturov, Minister of Industry and Trade of the Russian Federation. It also includes members of the Government, deputies of the State Duma, representatives of designated companies and public organizations.

Yulia Ershova, Head of the Quality Management System and STI Division, PJSC Metafrax:

Participation in the competition of this level is the next step in the company development. We gained invaluable experience and once again became convinced that the Company has something to be proud of. Experts put high scores for the company's position in the chemical industry market in Russia and Europe. Metafrax is the largest Russian exporter of methanol, with a total export share of 40%. The geography of the company's supply includes more than 50 countries of the world. A special focus was put to construction of the Ammonia-Urea-Melamine (AUM) Complex, which will provide the main production facilities of the company with its own raw materials.

As a part of the 2019 budget adoption, the PJSC Metafrax Board of Directors will approve the decision to increase the salaries of all the company employees by 5%. They will be increased starting from January 1, 2019.

Moreover, the company's employees are paid with the 13th salary and provided with all social payments as per the Collective Agreement.

- The basis of our personnel policy is a comprehensive staff motivation. To do this, we must provide our employees with competitive salary. For the first 9 months of 2018, the average salary has been increased by 4% compared to the last year. Today, it is almost a quarter higher than the average wage in the Kama region, - commented Armen Garslyan, Metafrax Board of Directors Chairman.

- We have found a careful approach to the solution of this matter in order to make an optimal and balanced decision. Metafrax is a socially-oriented company. The salary increase became possible due to implementation of all production and financial indicators in 2018. The adjustment value was determined on the basis of the average region salary analysis and the current situation in the labor market, - said Vladimir Daut, Metafrax General Director.

Metafrax pays special attention to social, personnel and youth policy. As part of the Collective Agreement, Metafrax tries to provide maximum social guarantees, both for the present and former company’s employees:

The company's social package and charity expenses exceed 200 million rubles annually.

Armen Garslyan: We intend to continue working on improving the workers’ and their families’ life quality, improving urban infrastructure, supporting health, education, sports and culture in the towns of Kizel Coal Basin.

Research and Production Corporation United Wagon Company, in the framework of developing of cooperation with the largest methanol manufacturer PJSC Metafrax, will provide it with 100 new generation 15-6880 reservoir trucks. The entire batch will be provided to the customer by May 2019.

Previously, Metafrax had already acquired reservoirs of this model. Currently, there are more than 400 units of 1-T and Tpr size in the methanol manufacturer's park. The railway equipment has proven itself in operation and due to this fact the decision on purchase of an additional batch was made.

15-6880 reservoir truck is equipped with a running gear with an axle load of 25 ton-force, it has an increased carrying capacity of 73 tons and a boiler capacity of 88 m3. Due to such technical characteristics, an additional increase in truck loading can be up to 2 tons compared to the most common typical analogue in the network, while maintaining the standard length of the reservoir, which increases the methanol transportation efficiency. Thus, additional 160 tons of cargo can be transported in one train of 80 trucks manufactured by UWC. This means that it is possible to reduce the necessary reservoir park and the terminal operations cost.

In addition, the reservoir reinforcement metal protective cover ensures an easy operation and security of cargo from unauthorized access during transportation. Design of the boiler with broken axle allows to achieve the maximum complete drain.

Igor Chukreev, Head of Transport Division, PJSC Metafrax: “As part of the business development strategy, the company intends to significantly increase its production and sales by 2030. Separately, the investments budget provides for the transport infrastructure improvement and the step-by-step renovation of the railway fleet. Metafrax chooses reservoirs for HVAC produced methanol transportation because of their high efficiency".

Model 15-6880 was developed by the All-Union Research and Development Center for Transport Technologies and has been produced at TikhvinChemMash plant since 2016. According to expert assessments, methanol transportation reservoirs are extremely in demand over the next five years due to the significant amount of expired park withdrawals and increase of chemical plants production capacity.

On November 28 at the Metadinea Moscow office was held meeting to review the four milestones of the Metafrax Group of Companies rebranding project. Top managers of Metafrax, Trading House Metafrax, Metadinea Russia, Metadinea Austria and members of the project management team participated in the session. 

Experts from Electric Creative presented the results of research. They provided the description of the key trends in the chemical industry and the methanol market, analysis of the largest European and Asian chemical companies brands, the description of the situation on the Russian market as well as the communication practices used there. Also was presented an analysis of the Metafrax brand and the company's brand name.

Based on the results of the research, Electric Creative presented for discussion a positioning map with positioning hypotheses of the new Metafrax brand. There are two concepts to choose from, describing options of the Vision and Mission of the brand, its naming as well as possible models of the brand architecture.

Also during the meetings was presented a creative exercise “Brandbox”. It is a process part of the platform and strategy creation for the Metafrax brand and it will allow to capture the idea adopted and agreed within the Metafrax team in a set of images.

“A representative circle of participants allowed us to cover all the assets of the group as widely as possible. As a result, we’ve had a great discussion platform. Now the management team along with Electric Creative experts should finalize the project. Until the end of the year, we intend to approve the concept, brand architecture, naming and start with the brand design,” commented Maria Konovalova, head of the rebranding project management team.

The results of the first Interregional Export Forum were summed up in Perm. Over the two days, about three thousand participants and experts attended the forum’s events. Top managers of Metafrax attended the plenary sessions and discussion platforms of IEF-2018.

Oleg Mamaev, General Director of Metafrax Trading House participated in a business discussion on the topic “Localization of production aiming at creation of products for export: the experience of European and Russian companies”. According to him, such platforms are a useful tool for interaction between business and government. “The government is interested in the development of the Russian companies export potential. Metafrax has tremendous experience in this field. "

During the discussion, Oleg Mamaev shared the difficulties that Russian exporters have due to inconsistencies in tax legislation in Russia and in Europe. “Apart from export growth, the adaptation of Russian tax legislation to European law will attract importers and investors who are more willing to invest in the Russian economy seeing the transparent rules of the game.”

Economic and Finance Deputy CEO of Trading House Metafrax Oleg Gordienko and PR Advisor of the Board of Directors Chairman Maria Konovalova attended a meeting with the vice president of the Russian Export Center Alexey Kozhevnikov. “It is valuable that the forum allowed discussing business related issues with federal officials on the regional platform. I believe that communication with the heads of state structures of such a high level was useful on both ends,” noted Oleg Gordienko.

Oleg Gordienko also participated in the plenary session with the topic “Export potential of Russian regions: how to reach a new level?” with the participation of federal agencies deputy heads Vasily Osmakov (Russian Federation Ministry of Industry and Trade) and Timur Maksimov (Russian Federation Ministry of Economic) as well as with regional governor Maxim Reshetnikov.

On November 23 took place a ceremony of handing over the keys from new apartments to the employees of Metafrax. Two new addresses appeared at once on Gubakha map on Lenina street - houses 64 and 64 "a". New buildings are put in place and will soon be inhabited. 

The total area of ​​each nine-storey building is 7.9 thousand square meters. The buildings are of the same type, each with 81 apartments: 9 of one-room apartments with an area of ​​32.4 square meters, 54 of two-room apartments of 48.5 square meters and 18 three-room apartments with an area of ​​70.5 square meters. All apartments have improved layout, with plastic windows, balconies and interior decoration.

According to Armen Garslyan, Chairman of Metafrax Board of Directors the construction of the new houses is a significant event not only for the company, but for Gubakha in general. “If new houses are under construction in the city, then the city has a future. Considering the implementation of the region’s largest investment project - the construction of the AKM complex - this is the future of Gubakha for decades to come.

We also have social obligations to provide some apartments for accommodation of medical workers. As part of the KUB hospitals merger with the Perm hospital № 4, our common and main task together with the regional authorities is to attract here qualified doctors of narrow fields,” said Armen Garslyan.

New houses meet modern quality requirements, equipped with elevators and lifts for people with limited mobility. Turnkey finishing allows new settlers to live in the apartment immediately after the house completion. The Perm company Termodom Group was the general contractor for the construction.

Tall buildings connect with their own heating gas boiler house, which Metafrax built at the end of 2017. There is a playground in the courtyard.

The construction of these two houses is the next step of the company's active housing program. Within the long-term development strategy and the production requirements for qualified personnel, Metafrax intends to build four more nine-storey houses in Gubakha in the near future, two of which are currently under construction.

Employees of the future Ammonia-Urea-Melamine complex will receive a third of apartments in new houses. Today the construction of the AUM complex is one of the company's large-scale investment projects; at least 400 employees will work on the new production. Thus, Metafrax not only creates new jobs, but also provides its employees with new housing.

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In recent years, Metafrax has built for its employees four apartment buildings with a total living area of ​​more than 13 thousand square meters.

Business newspaper Expert has published the annual federal rating TOP-400, which included the largest Russian companies. Based on the results of the financial performance in 2017 Metafrax Group of Companies reached the 273rd position of the rating. Compared to 2016, the group managed to increase the volume of sales by almost 8% reaching 45 billion rubles, the company's net profit also increased up to 7.6 billion rubles.

According to experts, the TOP-400 list over the past years has been stable, only one sixth of the participants being updated annually. Metafrax is considered as the "old-timer" of the rating with solid central positions.

The total revenue of participants in the rating in 2017 is 72.3 trillion rubles, which is 10.5% more at current prices than in 2016. Coverage of the domestic economy by the rating over the past decade has been slowly growing: by the end of 2017, the representativeness of the rating exceeded 43%.

Metafrax Group also maintained its stable positions in the regional rating of 400 largest companies in the regions of Ural and Western Siberia in terms of sales. In the study presented by the Expert magazine Metafrax Group has settled at 65 position. Thanks to a wise export strategy and favorable global environment Metafrax has managed to increase the share of export revenues in the revenue structure from 31.5% to 40.4% over the year, while total sales increased by 3.3 billion rubles comparing to 2016.

The Business Class newspaper presented the annual ranking of the largest enterprises of the Perm region in terms of revenue received in 2017. Metafrax, earning 19.5 billion rubles last year, has kept a stable position in the top twenty of the rating.

At the end of the year, Metafrax showed a positive trend becoming the fourth in the ranking by profit. The company also entered the top five companies in terms of non-current assets, capital and reserves, total balance, in terms of profitability and in the top 10 in terms of current assets. In the final rating PJSC Metafrax maintained the 11th position among the 300 largest enterprises of the region.

On October 16 the top management of Metafrax held a meeting with the trade and economic ambassador of the United Arab Emirates, the head of Duwaya Investment, Mr. Abdulhamid Mohammed Duwaya.

Mr. Duwaya had a series of meetings with representatives of business leaders of the region and the governor of the Perm Region Maxim Reshetnikov.

According to Mr. Duwaya, the focus of Duwaya Investment is the search for investment projects in the fields of education and industrial production. During the meeting with the top management of Metafrax, the board of directors chairman Armen Garslyan and Mr. Duwaya discussed the prospects for cooperation in the sphere of Metafrax products supply expansion in the countries of the Persian Gulf.

“In fact there is no “Chinese economic miracle,” said Armen Garslyan, “There is a broad consumption market in this country and the presence of the biggest part of the European industrial players. The next promising market is India.

Based on the specifics of our business and the widespread use of synthetic resins in the construction industry, we are interested in growing, construction regions. Also solid entry to these regions with a reliable partner. In this context, the UAE and Duwaya Invtstment can become the prospect of entering the new markets. We are ready to consider even creation of a joint venture to enter the countries of the Persian Gulf, above all is guarantee of a steady demand.

The UAE has strong state and economic institutions that create a favorable investment environment. With the availability of powerful oil and gas resources the country is actively investing in new technologies, this strategy is close and understandable to us,” said Armen Garslyan.