The President made this statement attending the inauguration of the Izhora Pipe Plant in light of the major projects now underway to build undersea gas pipelines, new oil pipelines in Siberia and possible pipeline networks in the Far North. Furthermore, the plant’s pipes will also be needed for the repair and upgrade of existing pipeline systems.
Total investment in the plant comes to around $600 million, making this one of the biggest investment projects in the economy of St Petersburg and the Northwest region of Russia over the last decade. The plant will provide jobs for 1,000 people once it begins operating at design capacity. Leading international machine-tool companies such as SMS Meer GmbH, CRC Evans Pipeline International, Inc. and Selmers were involved in the project.
The President noted the good market prospects for the plant’s products and congratulated everyone who took part in its construction.
Mr Putin’s speech at the plant’s inauguration will be published.