The authorities of Nizniy Novgorod region intend to provide Vyksa Iron and Steel Works with preferences of almost 8 billion rubles on the project to create casing, oil-and-gas and compressor pipes manufacture.
VMZ could get a regional support of profit and assets tax exemption if it carries out the project. Investments total 41 billion rubles. Some 650 jobs will be created.
The company will be exempt from the above-mentioned taxes from July 1, 2019 till June 30, 2024.
VMZ intends to start producing casing, oil-and-gas and compressor pipes in late 2018. (Ukrainian metal)