Minpromtorg Launches A New Instrument To Support Oil&Gas Industry

The Ministry of Industry and Trade of the Russian Federation (Minpromtorg of Russia) stated that commencing September 2020 it would launch a new instrument to support machine engineering of oil and gas industry: lease grants, Mikhail Ivanov, Deputy Minister of Industry and Trade of Russia, said.

“The new instrument we launch from September this year for oil and gas machine engineering is the lease grant. Its application will reduce up to 30% of cost of leasing subject; it is an advance payment that would facilitate, among other, the demand for equipment of one of the Russian oil and gas plants. We did foresee to allocate about RUB 150 mln for this year; so we will call for bids soon and I welcome all companies to take active participation,” he said.

Mr. Ivanov noted that today Minpromtorg assists oil and gas machine engineering companies at all lifecycle stages of their products: research and development, assistance in bringing new products to the market, modernization of productions. These are programs of the Industry Development Fund. Also, the Government of Russia has adopted a package of measures to support systemic enterprises, i.e. the accessibility to the state guarantees, tax deferment or instalment plans as well as a possibility to get credits on easy terms to support own activity. “Of 26 systemic companies of oil and gas machine engineering industry 14 companies have used the opportunity to get the credit on easy terms; total amount of these credits is RUB 5.7 bln,” he specified.

Source: TASS