SNC Lavalin cements presence in Russia

The Canadian construction and engineering group has formed a joint venture with Russian development bank Vnesheconombank. SNC Lavalin will provide technical assistance and budget audits on infrastructure projects being financed by the development bank.

SNC Lavalin, one of Canada’s largest construction and engineering groups, has created a new company jointly owned by Russian development bank Vnesheconombank (VEB).

Moscow: Red Square

VEB owns 51 percent of the new company with SNC Lavalin owning the remaining 49 percent. In a statement, the Canadian firm said it will provide technical assistance to the bank in addition to performing technical and budget audits on infrastructure and industrial projects where VEB is providing financing.

SNC Lavalin’s president and chief executive, Pierre Duhaime, said the new partnership was part of the company’s ongoing expansion in the Russian market. Recently, the company acquired a 48 percent holding in Russia engineering company Vnipineft, which focuses on gas processing, oil refining and chemicals.

The Canadian group has offices in 35 countries around the world and is currently working in some 100 countries.