Shipbuilding. Energy. Transport

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Shipbuilding. Energy. Transport Maritime Market magazine

Press Release

Vnesheconombank to promote cooperation in innovation development of Saint Petersburgs industry

May 22, 2014 - State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) and OJSC ZVEZDA signed an agreement on cooperation in Saint Petersburg in the presence of Saint Petersburgs Governor Georgy Poltavchenko.

On behalf of Vnesheconombank the agreement was signed by Chairman Vladimir Dmitriev and on behalf of OJSC ZVEZDA by Board Director Pavel Plavnik.

Under the agreement the parties agreed to make joint efforts to fund an investment project on setting up manufacturing of new generation diesel engines with a capacity from 400kW to 1700 kW on Saint Petersburgs territory on OJSC ZVEZDAs industrial site to meet the needs of the Russian Defense Ministry and other defense and law enforcement agencies for new generation diesel engines. The project is based on implementing the State Contract for performing research and development work concluded between OJSC ZVEZDA and Minpromtorg RF on creating high-technology new generation diesel engines. The project is designed to accomplish objectives of the Russian defense industrial complex, substitute imports and enhance Russias strategic positions.

The project of OJSC ZVEZDA will contribute to:

innovation development of Saint Petersburg industry, improving national technological base and boosting military efficiency of Russia;
securing large-scale technological upgrading of production facilities on the basis of advanced research and development and forming a competitive national research and development sector;
intensifying the mechanism for public private partnership;
developing basic and critical military and industrial technologies to create advanced military and special hardware in order to provide the Russian Armed Forces with military weaponry with technical parameters in line the worlds best standards.

OJSC ZVEZDA is one of the largest Russias diesel-making enterprises incorporated in the Russian defense-industrial complex supplying technical engineering equipment to maintain military efficiency of operating resources of the Russian Navy, the Russian Strategic Missile Forces and the FSB Border Service. OJSC ZVEZDA is included in the Register of single suppliers of Russian weapons and hardware. In particular, OJSC ZVEZDA is the main ship diesel engines supplier for the Russian Defense Ministry. At present, about 90% of Navy and Border Service high-speed ships are equipped with OJSC ZVEZDA diesel engines.


Please see Vnesheconombank (VEB) company electronic office

Press Office of VEB
Phone: +7 (495) 608-46-93
Fax: +7 (495) 975-21-34

VEB - The Bank for Development operates to enhance competitiveness of the Russian economy, diversify it and stimulate investment activity.

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