SNC-Lavalin buys into Russia

SNC-Lavalin has acquired a 48% shareholding in Russia's Oaovnipineft (VNP), an engineering company that specialises in oil refining, gas processing, petrochemicals and chemicals.

Over the past 80 years, VNP has designed over 40 refineries and industrial projects across Russia and the CIS region, Europe and the Middle East.

Jean Beaudoin, executive vice president of SNC-Lavalin said, "We are delighted with this acquisition. SNC-Lavalin has been operating in Russia for over 30 years and it is a key market for us.

"We have worked well with VNP on our projects in the region during the last few years, and we now look forward to further strengthening our strategic position in Russia and to becoming a leader in the oil and gas market."