The Applied Chemistry research centre will soon move to a new location in St Petersburg. Bank VTB has financed the move as well as the design and the construction of the European Embankment development which replaced the former premises of the research centre.

VTB head Andrei Kostin told the prime minister that the development would include apartment buildings for military officers; 3 billion roubles has already been invested in this project. He also said that part of the research centre would be moved to a suburb.

When the prime minister asked about the cost of the project, Kostin said that investment would total between 45 and 50 billion roubles. He added that VTB would contribute a quarter of that amount.

Alexander Shapovalov, the general director of Applied Chemistry, told Putin about the research centre's work and added that the new building would be fully commissioned in November of this year.

Putin asked him whether the staff were comfortable in the new facilities. He responded that they were happy and added that this was the first "civilized" move of a major research centre form the centre of St Petersburg.

The prime minister was shown to a laboratory where rocket-engine propellants were being designed.

On leaving the building, the prime minister saw a crowd gathered outside and decided to talk to the local residents.

"How would you assess your local authorities' work?" he asked after wishing them a good day on the Anniversary of St Petersburg.

"Okay," the people said, also giving their best wishes to the prime minister.

Applied Chemistry is a national research centre working for all space programmes including piloted flights.
Its designs have contributed to innovative chemicals production in various sectors including energy, naval transport, aviation, microelectronics, oil and gas, chemical, aerospace and nuclear industries.