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Investment contract to produce in Tomsk Region import-substituting equipment for Gazprom signed

October 4, 2016, 17:05

Denis Manturov, Minister of Industry and Trade of the Russian Federation, Yury Gurdin, Deputy Governor of the Tomsk Region for Investment Policy and Property Relations, Oleg Nagovitsyn, Director General of Gazprom Investproject and representative of Tomsk Machine-Building Technologies, and Ivan Pushkarev, Director General of Vakhrushev Tomsk Electromechanical Plant today entered into a special investment contract at the 6th St. Petersburg International Gas Forum.

The contract provides for construction and modernization of the production capacities of Vakhrushev Tomsk Electromechanical Plant for manufacturing import-substituting products – blow-off and control valves – for Gazprom. The contract is concluded for a period of seven years.

According to the document, Tomsk Machine-Building Technologies, as an investor, undertakes to arrange the financing for the project, modernize the company’s production workshop, supply the equipment, and commission the production. Vakhrushev Tomsk Electromechanical Plant, in its turn, will create new jobs and achieve the production target for the valves by using only domestic materials and components. The document offers regional tax exemptions to the company and guarantees stability in a total income tax charge collected by the Russian Government and the continued support by the authorities of the Tomsk Region throughout the entire contract period.

Background

In October 2015, Gazprom and Tomsk Machine-Building Technologies entered into a long-term agreement for the batch production, supply and maintenance of import-substituting products in the amount equal to guaranteed future purchases.

Tomsk Machine-Building Technologies is a special-purpose company established by Gazprom Investproject (wholly-owned subsidiary of Gazprom) and Vakhrushev Tomsk Electromechanical Plant on equal terms with the purpose of producing import-substituting industrial products.

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