Today, a Memorandum of Intent was signed between Tatneftekhiminvest Holding and the South Korea-based Apollo Group. The signing ceremony took place within the meeting of the Board of Tatneftekhiminvest Holding chaired by Tatarstan President Rustam Minnikhanov.
“We will strive to become one of the best enterprises of the oil and gas industry in Tatarstan. We have 1157 employees. Our team of experts consists of 68 people trained at such corporations as General Electric. Our enterprises are equipped with the most up-to-date facilities. This allows us to generate annual sales of $200 million”, - said Deputy General Manager of the Apollo Group Cho Jang Hyun.
The Korean company intends to consistently develop its production facilities in Russia. The enterprise is located in Tatarstan on the premises of Tatneft; the company has prepared a development plan. In the next five years, serious investment is planned in the Russian business, explained the deputy head of the company.
Apollo is the largest South Korean manufacturer of valves and actuators for oil refineries, petrochemical plants, and power plants. The company's products are exported to the countries of North America, Western Europe, and the Middle East.