Uralvagonzavod is working with the Chinese to expand its production of drilling rigs

25.03.2013 — News

MOSCOW

Between 2013 and 2014, the Russian-Chinese business Honghua CIS, LLC, which is located in Bashkortostan, will produce 28 heavy drilling rigs worth more than 13 billion rubles.

Among the founders of the company are the Uralvagonzavod research and production corporation, OJSC; VTB Leasing, OJSC; and Honghua Group Limited.

UVZ's press office told RusBusinessNews that the parties have agreed that the production of the metal structures for the drilling equipment will be localized in Russia 100%, and the components - 50%.

Honghua CIS, LLC was founded in September 2012. Its manufacturing facilities are located within the Vityaz Machine-Building Company, OJSC (a subsidiary of UVZ) in the Bashkir city of Ishimbay.