OREANDA-NEWS. June 22, 2010. In the course of the 14th St. Petersburg International Economic Forum, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OPK OBORONPROM and the Saint-Petersburg Administration entered into a Memorandum on Cooperation in Implementing the Investment Project “Reconstruction and Technical Retooling of the Research and Production Base for Developing and Manufacturing Gas Turbine Engines”.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of OPK OBORONPROM – by its Deputy General Director Dmitry Petrov, on behalf of the Saint-Petersburg Administration – by Vice Governor Mikhail Oseevsky.

This Memorandum aims to establish partner relations and promote long-term, effective and mutually beneficial cooperation designed to implement the project aimed at creating a design and production complex to develop engines for advanced aircraft models.

The Project provides for upgrading research-technological and manufacturing potential of OJSC Klimov, including construction of production, administrative, foundry and electroplating buildings, building of engineering services and reconstruction of the experimental and testing base.

OJSC Klimov is Russia’s leading gas turbine engines developer known all over the world. It is incorporated into the United Engine Construction Corporation (OJSC UECC) – a 100% subsidiary company of OJSC OPK OBORONPROM responsible for managing engine-construction assets. It is involved in developing, monitoring batch production and servicing engines for most Mil and Kamov helicopters, jet engines for fighter aviation. With its own design engineering bureau, advanced production and experimental bases, the company is the only Russian full-cycle developer of gas turbine engines: from center line to certification.