ANNOUNCEMENT 02 Oct 2009In October 2009, the government of Russia announced a change in private-sector financial support.
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"Putin: Government injects 4 bln rbl into shipyard Sevmash" - Prime-TASS News - 02 October 2009.
Government Decree # 1386-p from 28 September. Available from < http://www.government.ru/content/governmentactivity/rfgovernmentdecisions/archive/2009/09/28/874140.htm >
Russian Prime Minister Vladimir Putin has signed a ruling (Government Decree # 1386-p dated 28 September) to inject 4 billion rubles into the charter capital of state-owned shipyard Sevmashpredpriyatiye (Sevmash). The shipbuilding industry is said to be one of the strategic industries for the development until the year 2020 according to the "Long term concept of socio-economic development of the Russian Federation until 2020" (Government Decree from 17 November 2008 #1662-p). The company is said to need the funds to implement its financial bailout program and improve its operations.
The government has taken a series of measures this year to ensure Sevmash with orders and loans, Industry and Trade Minister Viktor Khristenko said at a meeting of the government's presidium. State-owned Vnesheconombank (VEB) also decided to grant a 5-year extension on a 6 billion ruble loan provided earlier to Sevmash, the minister added.
The measures will allow Sevmash to increase production over 30% on the year to 9 billion rubles (200 million Euro) in 2009, Khristenko also said