26.11.2007 // Interfax

By 2011 Izhora Plants will redouble its annual turnover

By 2011 Izhora Plants will redouble its annual turnover to 40bln RUR, First Vice Premier of Russia Sergey Ivanov said during the ceremony of official start of the construction of an arc furnace at IP.

The Government is planning to increase the number of state contracts and to build new nuclear power plants. As a result, Izhora Plants will have to start producing three-four sets of NPP equipment a year from present two sets a year and to increase its annual turnover from present 14bln RUR to 40bln RUR.

On Nov 26 Ivanov, together with Governor of St.Petersburg Valentina Matviyenko and Head of Rosatom Sergey Kiriyenko, attended the ceremony of official start of the construction of a 120-ton arc steelmaking furnace at Izhora Plants.

Besides producing equipment for NPPs, Izhora Plants is a monopolist in the production of reactors for floating nuclear power plants and is planning to start producing reactors for petrochemical industry.

Ivanov said that this promising project will give a new impulse to the development of processing industry, which means that Russia will no longer export high-sulfur crude mined in Tatarstan but will start refining it and exporting petroleum – which is already a quite different quality.

Such a product will have higher added value.

During his meeting with the managers of IP, Ivanov asked them what has changed at the plant since the 1990s, particularly, in terms of investments. The latter said that no money was invested in IP in the 1990s and the company belonged to an individual.

Speaking of the industry as a whole, Ivanov expressed hope that the adoption of the law on the establishment of Rosatom state corporation will enhance the efficiency of the management of the sector, particularly, of the sphere of nuclear machinery construction.

“We will no longer have to go through long procedures and tenders to get federal money. The money will be given to the corporation and the latter will distribute it at the beginning of the year. As a result, it will take the companies less time to borrow money,” Ivanov said.