The FINANCIAL — German engineering conglomerate Siemens and Russia's Iskra Avigaz are to set up Rusturbomash, a joint venture to produce compressors for gas turbine units in the city of Perm in the Urals, the local administration said on December 13, according to RIA Novosti.
"The production block of the plant is to be launched in March 2011 when compressor assembly will start. A full production cycle will be launched in 2012-2013. The plant will produce about 60 compressors per annum. About 60 million euros will be invested in the project before 2012," the administration said.
The new plant will create 260 jobs. Its engineers and designers are now being trained in Germany.
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