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OMZ(Uralmash-Izhora) (OMZD)

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Thursday 06 November, 2003


Atomstroyexport directorship

OAO OMZ (Uralmash-Izhora Group)
06 November 2003

OMZ's CEO, Mr. Kakha Bendookidze, has been elected as a General Director of

The Board of Directors of Atomstroyexport (ASE) elected Mr. Kakha Bendookidze to
the post of general director of that Company as of November 1, 2003. Mr. Victor
Kozlov, the former general director of ASE, will serve as the Chairman of the
Board of Directors.

The global market for nuclear power plant equipment and services is one of the
most important markets for OMZ. Currently, OMZ is one of very few companies
worldwide which manufactures primary circuit equipment for nuclear power plants
with pressurized water reactors. It participates in the construction of five
nuclear power blocks currently being built outside of Russia.

Aiming to strengthen its positions on this global market at the beginning of
this year OMZ acquired approximately 20% effective control of ASE which supplies
equipment for nuclear power plants built abroad. OMZ's management is presently
considering possible shareholding in ASE of other Russian nuclear equipment
manufacturers as well as Russian financial institutions.

'This is a big and complicated task and I will do my best to improve growth and
increase the transparency of this business' said Mr. Bendookidze adding that the
business relationships between OMZ and ASE will continue to be based on market
principles which is in the best interests of the shareholders of both entities.

Atomstroyexport is the largest Russian contractor in the field of construction
and modernization of nuclear power plant stations abroad. It has participated in
the construction of more than 20 nuclear power blocks in countries like Finland,
Hungary, Czech Republic, Slovakia and Bulgaria. Total exports of ASE amounted to
US4640 million in 2002. The order book of ASE currently totals US$ 2,900

                      This information is provided by RNS
            The company news service from the London Stock Exchange