OREANDA-NEWS. Projects developed by subsidiaries of OMZ Group, the largest industrial asset of Gasprombank, were among contest winners selected for participation in the State programme for industry development and increasing competitiveness. The programme, developed by Russian Ministry of Industry and Trade, will positively affect the enterprises whose projects were chosen, experts say.

More than 40 companies from a number of industry sectors participated in the contest, which took place from May 20 to June 10, 2014. The jury selected 14 best complex investment projects representing various industries. The list of winners included projects for modernization, expansion and development of Cryogenmash, Cryogenmash-Gas and Uralmashzavod.

Supported by Gazprombank, modernization of OMZ Group heavy industry enterprises and implementation of new projects on the sites will allow to reduce production costs, increase output, develop new solutions and rearrange technological processes in compliance with the latest trends of efficient production.

"The task we face is as challenging as it is unique and interesting", - said Mikhail Ispolov, CEO of Cryogenmash. "We involve professional consultants, our employees visit our suppliers to acquire additional qualifications, our training centers work at their full capacity. The support we get proves that there is a demand for modern technologies and innovative production in Russia".

Open Joint-Stock Company United Heavy Machinery Plants (Uralmash-Izhora Group) is one of the top companies in the heavy machine-building industry specializing in engineering, manufacturing, sales and servicing of equipment for nuclear energy sector, petrochemical and oil & gas industries, mining and in special steel making and the provision of industrial services. OMZ manufacturing facilities are located in Russia and the Czech Republic. The group is controlled by Gasprombank (Open Jont-Stock Company).