Russian Economy General News: #13

Gold supplies from Russia to Hong Kong hit 11-year highs for three consecutive months
The previous record was set in July 2013 when Hong Kong purchased HKD 3.18 bln (around USD 407.3 mln) worth of Russian gold

HONG KONG, September 26. /TASS/. Hong Kong’s imports of Russian gold have been hitting record highs since at least 2012 for three months in a row. According to figures provided by the Census and Statistics Department of Hong Kong, gold supplies from Russia have climbed almost 12-fold year-to-date in annual terms.

At last count released, a Special Administrative Region of the People's Republic of China purchased gold worth HKD 5.83 bln (around USD 747.44 mln) from Russia in July, a record amount for at least 11 years, which is 5.4 times higher than in the same period last year.

In the previous two months, gold supplies from Russia to Hong Kong also hit record highs in the past 11 years and kept rising. In May, they were worth HKD 3.19 bln (around USD 408.59 mln), while in June they reached HKD 3.79 bln (around USD 485.9 mln). The previous record was set in July 2013 when Hong Kong purchased HKD 3.18 bln (around USD 407.3 mln) worth of Russian gold.

Russian gold supplies to Hong Kong totaled HKD 20.39 bln (around USD 2.61 bln) from January to July, up almost 12-fold year-on-year.

In 2022, Hong Kong purchased HKD 7.54 bln (around USD 966.2 mln) worth of gold from Russia.

https://tass.com/economy/1680781

caveat emptor wrote:
Even stricter capital controls next?

https://t.me/rian_ru/214788

Indian shipyards will build 24 cargo ships by Russian order by 2027

According to the director of the Caspian International Integration Club "North - South" Dmitry Dubovik, the first four vessels are planned to be laid down in 2024
ASTRAKHAN, October 25. /TASS/. The construction of 24 cargo ships for operation in the Caspian Sea is planned until 2027 at the Goa shipyards in India with the participation of the Russian Export Center. Director of the Caspian International Integration Club "North - South" Dmitry Dubovik announced this at the international forum in Astrakhan.

“It was decided to open production <...> in India at the Goa shipyards. They confirmed to us their readiness to begin production of our ship models. There are three of them - chemical tankers, bulk carriers, ships for transporting cargo in containers. They are ready to give us 24 ships in three years - this is a very fast pace today,” he said, noting that the first four vessels are planned to be laid down in the first quarter of 2024.

Cargo ships will be used in the Caspian Sea. As Dubovik clarified in an interview with TASS, their construction is planned with the participation of the Russian Export Center, the project is planned to be implemented until 2027. Among the advantages of cooperation with India is a price that will be two times lower than that of Russian manufacturers, as well as business rates of 2-3% instead of 18.6%, which is currently offered by the State Transport Leasing Company (STLC).

Commenting on the terms of leasing, State Transport Leasing Company noted that they finance the construction of ships mainly within the framework of state programs and investment projects at preferential rates. “Based on the current macroeconomic situation, market leasing rates actually exceed the key rate of the Central Bank of the Russian Federation by several percentage points. At the same time, the State Transport Leasing Company finances the construction of water vessels, including cargo ships, mainly within the framework of government programs and investment projects at preferential rates significantly lower than the market.” , - noted the press service of the State Transport Leasing Company.

In Chuvashia, with the support of the Federal Investment Fund, a modern plant for the production of hydrogen peroxide was launched
October 27, 2023

The Volzhskaya Peroxide company, part of the Orgsintez Group, organized the first and only production of hydrogen peroxide in Russia using modern anthraquinone technology in the city of Novocheboksarsk, Chuvash Republic. The new plant will almost completely replace imports while meeting the needs of the pulp and paper and textile, chemical, mining and metallurgical, medical, perfume, cosmetics and food industries. The total investments of the Orgsintez Group in new high-tech production amounted to 11 billion rubles. The Federal Industrial Development Fund (IDF) financed the implementation of the project for 1 billion rubles under the “Priority Projects” program.“ The main goal of creating a new modern production of hydrogen peroxide is to reduce Russia’s dependence on external suppliers and exchange rate fluctuations. Anthraquinone technology is less energy-consuming compared to the isopropyl technology previously used in Russia, and also makes it possible to produce hydrogen peroxide with improved characteristics, suitable, among other things, for medicine and the food industry. The Industrial Development Fund supported our project aimed at fully meeting the needs of Russian consumers for hydrogen peroxide of medium and high concentrations ,” said  Konstantin Neznamov, General Director of Volzhskaya Peroxide LLC . The new plant was built at the industrial site of Khimprom PJSC in Novocheboksarsk (also part of the Orgsintez Group) - more than 200 new high-performance jobs were created. In 2022, Volzhskaya Peroxide became a participant in a special investment contract (SPIC 2.0). The company will annually produce technical and chemical grades of hydrogen peroxide with a concentration of 30% and 60% in a volume equivalent to 50 thousand tons when converted to 100% concentration. Bringing production to full capacity will significantly reduce the import of hydrogen peroxide, which today provides about 60% of the Russian market. Technical hydrogen peroxide is used in the pulp and paper and textile industries as a bleach, in the chemical industry in the synthesis of propylene oxide and in the production of synthetic detergents, as well as in the mining industry in the extraction of gold and uranium and in metallurgy. The product is also needed for disinfection and control of parasites, when treating industrial and municipal wastewater. The chemical hydrogen peroxide is used as a bleach and disinfectant in the food, medical and cosmetic fields.

https://frprf.ru/press-tsentr/novosti/v-chuvashii-pri-podderzhke-frp-zapustili-sovremennyy-zavod-po-vypusku-peroksida-vodoroda/

Russia's first high-tech production of cast blades for power gas turbines was opened by Power Machines
1 November 2023

The Power Machines company commissioned a unique high-tech production of cast blades, where, for the first time in Russia, a critical technology for creating the most complex parts of gas turbines - hot path blade castings - was introduced. Into a production area of ​​more than 6 thousand square meters, over 6 billion rubles were invested, of which 2.4 billion rubles in the form of two preferential loans were provided by the Federal Industrial Development Fund.

The commissioning ceremony of the new plant was attended by Deputy Minister of Industry and Trade of the Russian Federation Mikhail Ivanov, Chairman of the Committee on Industrial Policy, Innovation and Trade of St. Petersburg Kirill Soloveichik, General Director of JSC Power Machines Alexander Konyukhov.

The new complex was created on the territory of production of turbine blades of Power Machines in St. Petersburg. It is equipped with unique technological equipment, much of which was designed and manufactured to special order by Russian enterprises specializing in non-standard equipment for industry.

The new production capacity is designed to produce 16 sets of cast high-power gas turbine blades per year with the possibility of increasing to 24 sets. One set includes about 550 units of cast blades. This will provide the necessary volume of blades for Power Machines’ own production, as well as for servicing gas turbines, including third-party production.

“In 2020, for the development of this project, the Russian Ministry of Industry and Trade approved a loan from the Industrial Development Fund in the amount of 2.4 billion rubles. The main task is to establish stable production in order to ensure not only production, but also repair of machines already operating in the Russian energy sector,” said Mikhail Ivanov, Deputy Minister of Industry and Trade of the Russian Federation.

“The opening of the production of cast gas turbine blades is a landmark event for Power Machines and the entire industry. The new production is based on the principle of 100% import substitution: our specialists developed and implemented technology using unique equipment, as well as materials created on the basis of domestic experience in aviation and power gas turbine construction. At the current stage, we have mastered the production of GTE-65 gas turbine blades, which are distinguished by a complex internal cavity for the implementation of a cooling system. We continue to develop the technology and prepare for serial production of cast large-sized blades of the GTE-170 gas turbine,” noted Alexander Konyukhov, General Director of Power Machines JSC.

The hot path blade is one of the most knowledge-intensive and difficult to manufacture gas turbine parts, requiring the most complex calculations during design and high precision in manufacturing. For the production of cast blades, Power Machines developed and mastered the technology for manufacturing ceramic rods from fused quartz, pressing wax models, making a ceramic mold, melting metal and pouring a ceramic mold, as well as finishing and conducting non-destructive testing of blade castings with overall dimensions up to 900 mm and weighing up to 50 kg.

For reference: A strategically important project to resume the production of gas turbines in Russia is being implemented by Power Machines JSC with the support of the Russian Ministry of Industry and Trade.

Power Machines creates the capacity to produce eight gas turbines per year. The company will also provide service for gas turbines, including those manufactured by third parties, including the production and supply of spare parts.

The production sites of the Leningrad Metal Plant and more than 1,650 units of technological equipment are involved in the manufacture of gas turbines. More than 150 designers and technologists, and over 1,400 production specialists are working on the project.

In December 2022, Power Machines completed production and tested the lead sample of the high-power gas turbine GTE-170. The first serial gas turbine GTE-170 will be manufactured before the end of 2023.

At the same time, the company is working on the production of a highly efficient medium-power F-class gas turbine - GTE-65. The planned readiness date for the prototype GTE-65 is 2024.

https://power-m.ru/press-center/news/pervoe-v-rossii-vysokotekhnologichnoe-proizvodstvo-litykh-lopatok-energeticheskikh-gazovykh-turbin-o/

GarryB wrote:

looks like spending extra Rupees finally is kinda sorted out...

The perfect solution, the Indian currency is used in India for the benefit of Russia and Russian companies which need ships right now with Russian shipyards struggling with the massive increase in demand anyway, this will help take the load off and essentially it is already paid for because the money was being held in Limbo.

Russia can use the ships India builds to make more money too, so it is win win.

ALAMO wrote:Combat Approval episode about making T-72B3Ms ended with something openly called recruitment part.
They called to work not only regular labor force, but pensioners and students.
This is how much labor-hungry the Russkie economy is. They  need a 65+ y/o back on lines.

They need a 65+ y/o back on lines.

Hole wrote:

They need a 65+ y/o back on lines.

Wasn´t the retirement age in Russia much lower, at least only a few years ago?

ALAMO wrote:Combat Approval episode about making T-72B3Ms ended with something openly called recruitment part.
They called to work not only regular labor force, but pensioners and students.
This is how much labor-hungry the Russkie economy is. They  need a 65+ y/o back on lines.

Scorpius wrote:

ALAMO wrote:Combat Approval episode about making T-72B3Ms ended with something openly called recruitment part.
They called to work not only regular labor force, but pensioners and students.
This is how much labor-hungry the Russkie economy is. They  need a 65+ y/o back on lines.

for the sake of interest, I posted my resume in the public domain for the vacancy of a machine worker. In 1 day I already have 4 offers. The smallest of them assumes a monthly salary of 80 thousand rubles, the largest - from 150 thousand rubles to 200 thousand.
Despite the fact that the last time I worked at the factory was back in 2011.