MOSCOW, January 31. /TASS/. RosGeo expects import substitution of main critical technologies for geologic exploration works to finalize by 2027-2028, Chief Executive Officer of Russia’s geological holding Sergey Gorkov said in an interview with TASS.

On January 27, the holding and a number of companies signed a roadmap on domestic production of equipment for geological exploration within the framework of the agreement of intent with the Russian government to develop the area of ‘Equipment for geological exploration’.

Within this agreement, RosGeo will implement import substitution on 14 out of 27 technologies, Gorkov said. Three technologies have been commercialized already, five more will be tested this year and they may be commercialized by the end of the year, he said. "And we will have to finalize five technologies, which simply require greater development. We see the implementation horizon of around 2027, maximum 2028," CEO added.

The holding estimates investments in import substitution of equipment on all 27 technologies at 10 bln rubles ($110 mln). "It is safe to say that the roadmap suggests that in 2027-2028 not only the import of all main critical technologies will be substituted, but [those technologies] will largely outpace international standards as well. This is surely very promising for the domestic market," Gorkov concluded.