News and Press Releases


6 June 2012

OJSC VTB Leasing signed a trilateral memorandum

On June 6, 2012 during the business program of the Russian delegation’s visit to Beijing a trilateral memorandum on cooperation was signed between Russian companies OJSC VTB Leasing, OJSC “Scientific and manufacturing corporation Uralvagonzavod” and Honghua Holdings Limited, a Chinese company.

In accordance with the signed document the parties intend to establish a joint Russian-Chinese venture on the territory of Russian Federation with an objective to produce drilling equipment, drilling rigs and spare parts.

This joint venture will have exclusive rights to produce, import and sell drilling equipment under the Honghua brand in Russian Federation.

Implementation of this large-scale investment project in Russian Federation is of considerable social importance, in addition to its economic benefit. Creation of new jobs with high levels of salaries and decent working conditions are an important social consequence of creation of the joint venture as envisaged by the three companies signing the memorandum today.

Additionalinformation:

OJSC VTB Leasing was established in 2002. It is Russia’s largest leasing company offering a wide range of services both across the whole territory of Russia and in other countries. The main business areas of the company include large and medium-sized transactions in the rolling stock, aircraft and special machinery and equipment leasing sectors.

OJSC “Scientific and manufacturing corporation Uralvagonzavod” is a Russian company controlling an integrated group of companies including over 20 manufacturing plants, scientific and research institutes and design bureaus located in Russia and in countries of Europe. The group is engaged in design and manufacturing of defense-related equipment, road construction machinery and railcars.

Honghua Holdings Limited is a Sichuan-based company producing oil industry equipment. It was established in 1997. Presently it is the largest manufacturer of heavy machinery in China specializing in research, design, manufacturing and supply of spare parts for oil drilling rigs, oil exploration and oil production equipment.

Presently Honghua is the world’s second largest company by volume of manufacturing of land-based drilling rigs. It is also China’s largest company by volumes of exports of land-based drilling rigs.


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