OREANDA-NEWS. Two Memorandums of Cooperation were signed on Thursday between GPB (OJSC), OMZ and Daelim Group, South Korea. On behalf of Gazprombank the signature was affixed by the Vice-Chairman of GPB (OJSC) Board Dmitry Zauers, on behalf of OMZ by CEO Mikhail Smirnov and on behalf of Daelim Group by President Mr. Lee Chul Kyung.

Prior to the signing ceremony, the Korean delegation visited industrial sites of two enterprizes of OMZ Group - Izhorskiye Zavody, OJSC and OMZ-Special Steels, LLC. A particular interest was paid by the management of Daelim to the production of reactor equipment.

The first Memorandum concerns the cooperation in Russia: Establishment of a joint engineering center staffed with representatives of Daelim and OMZ is provided for, with the prospect of its development into a competitive project organization that will be able to successfully act as a subcontractor and perform design and engineering works for the Russian projects.

The second Memorandum determines the format of cooperation in Korea. It provides an invitation of managers and engineers from OMZ for training and probation in Daelim, as well as joint participation in major international projects in the field of engineering, procurement and construction. The Korean party has already confirmed its willingness to host up to 10 managers and up to two groups of specialists (20 engineers in each group).

The Memorandum establishes a clear framework of educational programs, on-going training in the parent organization of Daelim and in the course of designing at the project site.

Strategic partnership with Daelim will allow OMZ Group to get access to advanced South Korean technologies of industrial construction and production of equipment, which, in its turn, will guarantee for major Russian customers the highest quality of large-scale engineering projects and attraction of credit funds from the South Korean financial institutions.

Daelim Group was founded in 1939. Currently, it is one of the leading companies of South Korea in the field of construction and engineering. Currently, Daelim is the only South Korean company, which has been able to successfully combine within the same group the whole production cycle beginning from design, engineering and procurement up to turnkey construction of oil refineries, gas processing plants, petrochemical plants, power plants and other large-scale infrastructure projects. Among the company clients there are such global heavyweights as Saudi Aramco, ExxonMobil, Dow, BASF, Chevron Phillips, Kuwait Petroleum Corp., National Iranian Oil Co. and many others. The Group's revenue for 2013 amounted to USD 23 billion.

Gazprombank (Open Joint Stock Company) is one of the three largest banks in Russia by all major indicators, as well as one of the three largest banks in Central and Eastern Europe in terms of equity. The Bank has been rated by international rating agencies: long-term credit rating in foreign currency "Ba1" by Moody's Investors Service, the long-term credit rating in foreign currency "BBB-" by Standard & Poor's, the long-term credit rating in foreign currency "BBB-" by Fitch Ratings.

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).