Silovye Mashiny will increase the volume of orders up to USA$ 2 billion

The volume of orders of Silovie mashiny will increase from USA $ 600 million up to 2 billion in 1-2 years, Silovie mashiny technical director Yuriy Petrenya told.

Silovie mashiny plans to produce equipment of total power 17GW a year, that almost 2 times higher that at the moment. This significant volume of orders will be provided by nuclear power.

Yuriy Petrenya said that proceeding from estmated growth of the volume of orders, productivity and growth of productive potential, Silovie mashiny would increase the volume of orders almost 2 times already in 2007, up to more USA$ 1 billion.

Technical director emphasized: "Now the market gives us the excellent possibility to begin dynamic development of production".

At present Silovie mashiny carries out an active modernization and expansion of productions. Investments for these purposes will amount to USA $ 1 billion till 2010. The volume of investments in 2007 is suggested to be USA $ 145 million that 8 times higher than last year. To realize this investment program, Silovie mashiny plans to use money due to additional emissions of shares and sell of assets not relating to Silovie mashiny' activity, including a part of territories at sites of Electrosila plant, Leningrad metal plant and Turbine blades plant.

The largest of these assets is the territory of Electrosila plant located on Moscow prospect in St. Petersburg. The cost of the plot of land of 7,2 hectares subject to sell (total area of Electosila plant is 40 hectares) is USA$ 72 million in accordance with Knight Frank' estimation.

Earlier Silovie mashiny has already sold adjacent plots of land to Dorinda company, it constructed hypermarket O'key here, and VTB Bank is designing multifunctional complex near underground station "Electrosila".

Silovie mashiny expects to receive USA$ 200 million due to sell these plots of land.

Open join-stock company Silovie mashiny was established in 2000. This company produces and supplies equipment for hydro, thermal, gas and nuclear power plants for transfer and distribution of electricity, as well as transport and railway equipment. It comprises Leningrad metal plant, Turbine blades plant, Kaluga turbine plant, NPO CKTI (I. I.Polzunov Scientific and Development Association on Research and Design of Power Equipment), Electromashexport enterprises. Interros (30,4% shares), RAO EUS of Russia (25%+1 share) Siemens (25% +1 share) are major shareholders. According to Russian standards of Accounting (RSA), net losses of Silovie mashiny was RUB 1,013 billions in 2006.

SOURCE: AtomInfo.Ru

DATE: July 26, 2007

Topics: NPP, Russia