UVZ and Honghua are preparing for the joint production of drilling equipment

22.06.2012 — News

SVERDLOVSK REGION.

The research and production corporation Uralvagonzavod, OJSC, along with VTB Leasing, OJSC, and the Chinese company Honghua Holdings Limited, are going to establish a joint venture in Russia to manufacture drilling equipment and related components. The parties have signed a tripartite cooperation memorandum.

The press office at VTB Leasing told RusBusinessNews that the new company will have the exclusive right to manufacture, import, and sell drilling equipment in the Russian Federation under the brand name Honghua.

RPC Uralvagonzavod, OJSC have been already producing mobile drilling rigs, and this joint venture will allow the company to expand its line of products.