MALEV, AIR UNION, SUKHOI AND VNESHECONOMBANK ENTER INTO QUADRILATERAL AGREEMENT ON COOPERATION
Main participants in the field of air transportation believed to be one of the most important sector in the Hungarian-Russian economic relations (Hungarian CJSC Malev, Russia’s AirUnion, CJSC Sukhoi Civil Aircraft and Vnesheconombank) entered into an Agreement on Cooperation for a period of five years which is to be signed on December 7 in the course of intergovernmental Hungarian-Russian consultations in the presence of the Hungarian and the Russian Prime Ministers.
The Hungarian National Airline believes that a guarantee of its stable operation, mid and long-term activity on the market is its membership in Oneworld Alliance and its expansion to the Russian market. The dynamically increasing potential of the Russian market for many years to come opens up the opportunities for constant expansion and growth. Malev is keen to put its large-scale plans into effect through cooperation with key participants in the Russian air transportation market such as Air Union, the second largest company in Russia and the Sukhoi aviation plant.
Through its cooperation with Air Union, apart from the existing direct destinations in Russia, Malev has plans to significantly increase the number of its routes to Russia in part by opening new direct flights by way of cooperating with Russian partner airlines. This will make it possible for Malev passengers to fly from Budapest to large Russian cities with one change of plane at the maximum.
Potential opportunities for joint cooperation between Russian travel agencies, which are of common interest to owners of Malev Air Tours and Air Union, are waiting the right moment and this could dramatically increase the number of wealthy tourists traveling to Hungary.
The Sukhoi Company, an integrator of the project to create the Russian new Sukhoi Superjet 100, is a unique participant in the global aviation market. Italian Alenia Aeronautica, the Sukhoi Company’s strategic partner, has plans to purchase 25% +1 share stake in the authorized capital of the Sukhoi Company’s subsidiary – CJSC Sukhoi Civil Aircraft. In summer 2007, Alenia Aeronautica and the Sukhoi Company established a joint venture, which will be responsible for selling Sukhoi Superjets 100 on the developed markets and for after-sale service of planes throughout the world. International Company Boeing participated in implementing the Sukhoi Company’s program, Boeing provides comprehensive consulting services for the project carried out by Snecma, which cooperates with Saturn Research Production Association in building an engine for the family of Sukhoi Superjets 100. Malev Airline is exploring the possibilities for purchasing new Sukhoi Superjets manufactured by the Sukhoi Company as a possible way of expanding its park of regional jets and establishing commercial cooperation aimed at carrying out maintenance of aircraft of this type.
Aircraft construction is one of Vnesheconombank’s industrial priorities in its investment activity for 2007-2010, that is why it will explore the possibilities for raising funds to finance projects listed in the Agreement signed by the four sides. Upon making a decision, Vnesheconombank will be guided by Russian applicable legislation and the Memorandum of Vnesheconombank’s Financial Policy.
The Quadrilateral Agreement made by the Sukhoi Company, Russian State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, Air Union and Malev forms the basis for implementing these large-scale plans. The Agreement aims to raise funds to finance projects and promote strategic cooperation between the interested parties. The main lines of cooperation are for Vnesheconombank to finance the production of Sukhoi Superjets 100 as well as finance the sales of jets to Air Union.
Implementation of specific projects within the Agreement is to be regulated by making separate agreements between the four sides.
More detailed information:
Kriszta Nemeth, Public Relations Manager
Ekaterina Byushgens, Head of Public Relations Department
Phone: + 7 495 727 1988 etx. 2042
Mobile phone: +7 916 2205902
Yulia Bagrysheva, Press Secretary
Phone: +7 (495) 411-87-18 etx. 34-75
Mobile phone: +7 (903) 676-72-31
Svetlana Nikitina, Press Secretary
Phone: +7(495) 608-46-93
Mobile phone: +7(495) 999-71-41
Vnesheconombank and Union of Russian Timber Industrialists and Exporters Enter into Agreement
Today on December 5, in the course of Russian Prime Minister Victor Zubkov’s working tour to the Vologda region, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the Russian Union of Timber Industrialists and Exporters entered into an Agreement on Cooperation.
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Russian Union of Timber Industrialists and Exporters President Miron Tatsyun.
The two sides are determined to cooperate in working out schemes for raising funds to finance investment projects carried out in the wood working industry as well as create favorable conditions for establishing mutually beneficial ties with businesses and organizations in the said industry.
In order to select promising investment projects, the Union is to establish an Expert Council responsible, among other things, for coordinating cooperation between the two sides.
For its part, Vnesheconombank would help the Union raise funds to finance investment projects as well as conduct expert’s examination of proposals by foreign banks, credit and finance companies to raise funds to finance projects.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34