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Business news, 24.12.2003 13:43

“Akvamarin” invests $30 million in research

Submarines Akvamarin Company, the Navy equipment producer, will invest $30 million of its own resources in creation of a test and research basis by 2004.

Akvamarin has signed contracts with the Russian Navy to conduct a test of 11 sample pieces of machinery (naval control systems and underwater hydro-acoustic systems). The cost of the contracts meant by 2004 is 180 million rubles, the Director General of Akvamarin Company Boris Melnitzky said. He added that since 1998 the volume of orders fulfilled by the enterprise for the Navy has been increasing by 50-70% each year.

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