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SITTEC Ltd. and the Komi Republic enter into Cooperation Agreement

25.09.2012

SITTEC Ltd. and the Komi Republic enter into Cooperation Agreement

SITTEC Ltd. and the government of the Komi Republic have entered into a Cooperation Agreement with a term up to December 31, 2013 aimed at realizing the project of building up and operating a titanium coagulant production plant.

SITTEC Ltd. and the government of the Komi Republic have entered into a Cooperation Agreement with a term up to December 31, 2013 aimed at realizing the project of building up and operating a titanium coagulant production plant.

The Agreement provides for cooperation in the following areas:

  • realization of the project of building up and developing the industrial pilot-scale production of titanium coagulant in Nizhniy Domanik settlement in the municipal unit “Ukhta urban district”;
  • application of titanium coagulant for production of drinking water and purification of waste water in the Komi Republic;
  • introduction of new technology of treatment and use of oil and titanium ore taking into account environmental safety;
  • development of modern system of production management and products quality control in order to improve the economic effectiveness of the production;
  • cooperation in the sphere of social development of the Komi Republic, including guarantee of labour rights, social orientation of decisions and measures aimed at maintaining jobs, creating new jobs, as well as observance of labours’ rights for timely salary and pension payments, measures concerning corporate social responsibility, improvement of living standard in the Komi Republic, including participation in the development of social infrastructure facilities in the Komi Republic municipalities, where the Company conducts its business.

Under the Agreement SITTEC Ltd. plans to appropriate 1mln rubles for modern equipment for IT classrooms in Ukhta educational establishments.

On behalf of the government of the Komi Republic the Agreement was signed by Vyacheslav Gaizer, the President of the Komi Republic, and on behalf of SITTEC Ltd. it was signed by Elena Dmitrieva, the Director-General of CJSC SITTEC.

“The cooperation with the government of the Komi Republic will provide an additional guarantee of successful realization of the project, and of new jobs creation, as well as of dynamic social and economic development of the region,” said Elena Dmitrieva.

SITTEC Ltd., which is part of IFD Kapital Group, is realizing the project of building up titanium coagulant production on the basis of Yarega oil and titanium resource (the Komi Republic, the Russian Federation). Titanium coagulant is an innovative highly effective chemical for drinking water production, and industrial and municipal waste water treatment. The superior removal capacity of titanium coagulant is accounted for by the high adsorption capacity of titanium containing phases in the product, which has significant technical and economic advantages over other coagulants.

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