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Russia’s first downhole tractor to be developed with the support of the New Industry Ventures fund

* A downhole tractor is a device used to deliver tools and equipment to horizontal well sections for technical servicing and repairs, and for geophysical (electrical, acoustic, radioactive, electro-magnetic and other) investigations.

** The downhole tractor being developed by L-Petro will surpass international alternatives in terms of its maximum traction force. In addition to this, the device will be equipped with a smart control system, increasing efficiency in solving technological challenges in complex well sections. The cost of this equipment, the operations performed using it, and the costs involved in owning this Russian device are all significantly lower than for foreign models.

Gazprom Neft is a vertically integrated oil company, primarily engaged in the exploration and development of oil and gas fields, oil refining, and the production and sale of petroleum products. Gazprom Neft is one of Russia’s top three companies in terms of oil production and refining. The company’s hydrocarbon production stood at 96.1 million tonnes of oil equivalent (mtoe) in 2019, while refining volumes totalled 41.5 tonnes. Gazprom Neft’s corporate structure encompasses more than 70 exploration and production, refining, and retailing enterprises throughout Russia, the CIS and worldwide.

Gazprombank is one of the three largest banks in Russia, and one of the largest financial institutions in Central and Eastern Europe.

The bank provides a wide range of services to corporate and private clients, serving a number of the Russian economy’s key industries including gas, oil, chemicals and petrochemicals, metallurgy, the electric power industry, machine engineering, transport, construction, communications, agriculture, trade, and others.

Gazprombank’s retail business is focussed on offering advanced high-tech products and services. As at early 2020 the bank was servicing around five million individual customers, with a 2019 retail credit portfolio of more than RUB550 billion and a retail deposit portfolio of more than RUB480 billion.

The Russian Venture Company (RVC JSC) is a state fund of funds and a development institution in the Russian venture capital market. The main objectives of the RVC are to stimulate the development of the private venture investment industry in Russia and take on the role of project office for the National Technology Initiative (NTI). The RVC’s authorised capital stands at more than RUB30 billion. This is owned in full by the Russian Federation, represented by the Russian Federal Agency for State Property (Rosimushchestvo). The RVC now has 29 funds with a total value of RUB64.4 billion (of which RVC’s share is RUB38 billion). The RVC currently has funds in 290 portfolio companies, with total approved investments standing at RUB23 billion.

VEB Ventures (formerly VEB Innovations) is a company in the VEB.RF group, created to support high-tech projects through direct transactions and venture capital fund management. VEB Ventures’ priorities include financing promising companies through their own, private and public funds, as well as supporting Russian startups in entering international markets. The company offers projects not only venture capital investments, but also operational management support tools, as well as access to financial products offered by VEB.RF Group companies. This allows the company to formulate support schemes for Russian innovative companies in line with their individual needs, including facilitating access to international markets.

L-Petro LLC specialises in reengineering in oil production. The company’s pilot-testing facilities are located in Tver. The company has recently opened a laboratory for physical and mechanical testing of production prototypes, including the commissioning of unique bench-testing equipment.