OREANDA-NEWS. August 20, 2007. Chairman of the State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” Vladimir Dmitriev participated in the ceremony to launch the production of household fridges at the modernized household refrigerator factory in the city of Orsk of the Orenburg region (the Orsk Refrigerator Factory incorporated in the Orsk Factory Complex).

The Orenburg region Governor, Alexey Chernyshov attended the ceremony.

The project aimed at reconstructing the factory is being carried out with Vnesheconombank’s participation. To this end, the Bank provided funds in the amount of 58 million euros including the funds raised against the Italian Export Agency SACE’s insurance coverage.

The project aims to modernize the factory and increase its production facilities by way of creating a new model line of fridges on the basis of advanced technologies, developments, licenses and designs provided by the Italian company Merloni Projetti.

Further structural and technological transformations at the Orsk Factory Complex are supported by the Government of the Orenburg region and fot these transformations to be made a number of projects  are planned to be carried out with Vnesheconombank’s participation.

These projects include:

- Organizing the production of 1 million motor-compressors per year for household refrigerator equipment. The project is being carried out by the Orsk Compressor Factory under the contract with the leading engineering Japanese company “Toyo Engineering Corporation.” Vnesheconombank is responsible for funding the project in the amount of 50 million US dollars.

- Organizing the production of lightweight, high and super-high pressure vessels at the Mechanical Factory. Vnesheconombank plans to provide more than 40 million euros for this project to be carried out. The equipment being purchased and production techniques developed at the factory would make it possible to manufacture products for transferring motor transport to compressed gas.