Novikombank to finance 3.3 bln rbl hydraulic fracturing units

MOSCOW, Aug 16 (PRIME) -- Russia’s Novikombank has signed an agreement with Corporation Moscow Institute of Thermal Technology to provide a 3.3 billion ruble financing for creation of hydraulic fracturing units, the bank said in a statement on Tuesday.

The project is part of a state program for imports substitution and diversification of the defense industry in the interests of the national oil and gas industry.

The government ordered state space corporation Roscosmos, the parent company of Corporation Moscow Institute of Thermal Technology, to design a Russian mobile unit for development of tight oil reserves at the end of 2020.

(61.3747 rubles – U.S. $1)

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