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. Last Updated: 07/27/2016

Melamed is Nanotech Corp CEO

Itar-TassAlemar's Leonid Melamed standing at a nanotechnology meeting on Friday.
President Vladimir Putin has appointed investment company Alemar's Leonid Melamed to run the government's $5 billion Nanotechnology Corporation, part of a drive to ease the country's reliance on energy exports.

Melamed will be CEO and Education and Science Minister Andrei Fursenko will be chairman of its supervisory council, First Deputy Prime Minister Sergei Ivanov said at a government meeting Friday.

Melamed, who is not related to the Mobile TeleSystems CEO of the same name, was previously first deputy CEO at national utility Unified Energy System and headed the Rosenergoatom concern.

Putin in February put Ivanov in charge of finding ways to diversify the country's economy away from oil and natural gas. The creation of the Nanotechnology Corporation is a key part of building "a national innovative" economy, Ivanov said.

The corporation "must reflect the scale of objectives set by the president," Melamed said, adding that the government would pour 130 billion rubles ($5 billion) into the project to make it comparable to the nuclear and space programs.

Nanotechnology is the science of building devices from individual atoms and molecules, which has applications in industries from consumer electronics to health care and environmental management.

Melamed said it would take up to three months for the corporation to map out its strategy.

The market for the corporation should reach tens of billions of dollars within three years, Fursenko said.

More than 10 billion rubles is already being spent on nanotechnology research, and private financing from Russian businesses is "an absolute necessity," he said.

The 15-member supervisory council for the corporation includes several billionaires, including Sistema chief Vladimir Yevtushenkov, Polyus Gold co-owner Mikhail Prokhorov, Evraz CEO Alexander Abramov and Severstal CEO Alexei Mordashov.

Also on the board are Rosneft CEO Sergei Bogdanchikov and Mikhail Pogosyan, general director of plane maker Sukhoi.

About 50 of more than 300 institutes of the Russian Academy of Sciences are involved in nanotechnology research, according to the Education and Science Ministry.