It is reported that Mr Fomenko General Director of the export wing of KRAZ reported that the company has sold its first trucks in Saudi Arabia. The certification of KRAZ products according to GSO Standards opened the door to the Middle Eastern market for KrAZ.

Mr Fomenko also announced the company's plan to open a KRAZ assembly plant in Cuba. At first the shop will work as a repair depot and will change into an assembly workshop in the very near future. KRAZ plans to use Cuba as a base from which to sell its trucks to neighboring countries such as Panama, Venezuela and Nicaragua.

KRAZ has long known that diversifying its export geography to decrease its dependence on the Russian market. We evaluate this news as POSITIVE.

(Sourced Millennium capital)