PECHINEY SIGNS LETTERS OF INTENT WITH SOVIET UNION Pechiney <PUKG.PA> said it signed two letters of intent with the Soviet Union covering the setting up of packaging and packaging materials joint ventures. It said one proposed venture would produce aluminium packaging for food and cosmetics. The other envisaged Pechiney putting together a consortium of European partners to set up a packaging and equipment manufacturing unit in the Soviet Union. A Pechiney spokesman said two working groups would prepare detailed projects over the next three months. He said it was too soon to estimate the financial value of the two ventures.