Government Allocates $9.95M To Russian Pipe Manufacturer

The Russian government allocated 300 million rubles (about $9.95 million) for the authorized capital of the Large-Diameter Pipes Producing Factory. This information was reported by Sergey Nosov, General Director of the Nichny Tagil Metal Works. Thus, the state has fully provided its share in the authorized capital of the factory and demonstrated its desire to participate in the Stan-5000 project for the production of large-diameter pipes. Nosov noted that these $9.95 million were not spare money in the Russian budget and their allocation denoted the importance of the project. The press service of the Nichny Tagil Metal Works reported that the three main shareholders of the Large-Diameter Pipes Producing Factory - the Russian Federal Property Fund, the Nichny Tagil Metal Works and Duferco - have already allocated their assets to the authorized capital of the factory. Another shareholder - Gazprom - announced it was going to allocate its share to the authorized capital in the first half of 2002.