Ministry still eyes invest contracts with BMW, Hyundai in 2018

MOSCOW, Jun 29 (PRIME) -- Russia’s Industry and Trade Ministry still plans to sign special investment contracts for construction of full-cycle car plants with BWM and a car engine plant with Hyundai in 2018, Minister Denis Manturvo told PRIME in an interview released on Friday.

“Both companies applied for signing special investment contracts. All interested parties and we are now working on the key parameters of special investment contracts of BWM and Hyundai, we plan to sign the contracts until the end of 2018,” he said.

Hyundai planned to build a plant in St. Petersburg in the next three years that should produce 150,000 Gamma engines with a volume of 1.6 liters per year. Deputy Industry and Trade Minister Georgy Kalamanov earlier estimated investment in the plant at 27 billion rubles.

(63.2910 rubles – U.S. $1)

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