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Russian oil and gas equipment manufacturers to set up national company

September 26, 2014, 19:39 UTC+3 GUS KHRUSTALNY
The new company will be created at Uralvagonzavod by nine enterprises which signed the memorandum in the presence of Minister of Industry and Trade Denis Manturov
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© ITAR-TASS/Maxim Vorkunkov

GUS KHRUSTALNY, Vladimir Region, September 26. /ITAR-TASS/. Russian manufacturers of oil and gas equipment will create a national engineering oil service company, according to the memorandum signed on Friday.

The new company will be created at Uralvagonzavod by nine enterprises which signed the memorandum in the presence of Minister of Industry and Trade Denis Manturov.

The creation of the new company is part of the government’s import-substitution and production localisation efforts in the field of oil and gas equipment and services.

Manturov said he was hopeful that several such companies would be created in Russia to provide the full range of oil services.

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