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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.