Leading Russian oil producer Bashneft and Austria based Petrochemical Holding are to co-operate to establish a new venture to produce petrochemicals and ethylene, as per European Plastics News. The project involves expanding Bashneft's existing facilities in the city of Dzerzhinsk, (the centre of Russia's petrochemical production), and building new capacities in Nizhny Novgorod and Ufa. Bashneft will hold 75% stake and Petrochemical Holding will hold the balance 25% in the new company, to be known as United Petrochemical Company. Capacity will comprise 300,000 tpa of ethylene, 200,000 tpa of propylene oxide and 200,000 tpa of MDI-type diisocyanate. The new company is expected to process all petrochemical feedstock produced at the refineries of Bashneft, currently estimated at about 25 mln tpa.