Rupee Debt To Be Turned into Titanium
// India will provide Russia with titanium dioxide
Russian President Vladimir Putin’s visit to India begins today. It is to partially solve the old issue of India’s rupee debt to Moscow. Over 10 percent of the debt will be written off due to the creation of a new joint venture for producing 40,000 metric tons of titanium dioxide per year, 30,000 tons of which will be supplied to Russia. Experts say it will be enough to cover one half of Russia’s need for titanium dioxide which is not produced in the country.
Vladimir Putin arrives to India today. Several days before his visit, Russian Defense Minister Sergei Ivanov announced that India and Russia will sign an agreement on creating a joint venture for producing titanium dioxide and titanium products, which Russia will take as repayment of India’s “rupee debt” to Russia.
Preliminary agreements were reached by two countries back in 2004. St. Petersburg’s engineering company Tekhnokhim-Holding was commissioned with developing the enterprise’s technical and economic assessment. The enterprise will use chlorous technology for producing titanium dioxide.
Russia does not produce the chemical, and thus has to import it. So, part of the new venture’s products will be supplied to Russia. Russian industry consumes about 55,000 metric tons of the dioxide per year. Thus, half of Russia’s need for it will be covered by India.
Maria Cherkasova, Vladimir Ravinsky, Elena Kiseleva
All the Article in Russian as of Jan. 25, 2007
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