The Adler Thermal Power Station (TPS) Commissioned

21 january 2013 года
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A ceremony of commissioning the Adler TPS was held in the presence of Russian Prime Minister Dmitry Medvedev in the Adler district of Sochi.

In order to implement a project on the construction of the Adler TPS, in September of 2010 Vnesheconombank opened a credit line worth 19.45 billion rubles for a period of up to 15 years for investor-company LLC Gazprom Investproject (a subsidiary 100% owned by OJSC Gazprom).

Board Member – Vnesheconombank First Deputy Chairman said: “The project is of particular importance because the Adler TPS is the largest source of supplying power and heat to Olympic facilities during the Sochi 2014 Winter Olympic Games.” In the situation of the power shortage and the projected increased load in the region the availability of its own power generating station will make it possible to reduce power exchange from neighboring energy systems and ensure reliable power supply to consumers,” he added.

The project on the construction of the Adler TPS is included in the Program approved by the Russian Government aimed at constructing Olympic facilities and developing Sochi as a mountain and climatic resort. Moreover, the station is included in the list of facilities whose electric power is to be supplied under the agreement on supplying electric power.

The Adler TPS is a modern combined-cycle 360 MW power station with a thermal capacity of 227 Gcal/h consisting of two self-contained PGU-180. Each power unit has two gas turbines manufactured by Ansaldo Energia (Italy) and a Russian-made steam turbine manufactured by the Kaluga Turbine Plant (OJSC). Gazprom Group started construction work on the site with a total area of 9.89 hectares in 2009. The project was implemented on the territory without infrastructure. The power station was designed and constructed in a configuration meeting all power and heating generating as well as environmental basic standards. The technological solutions and materials used in the construction of the Adler TPS meet the highest Russian and international environmental standards.

 

Press Office of Vnesheconombank
Phone; +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank and the International Investment Bank Intend to Enhance Cooperation on Russian and International Markets

17 january 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the International Investment Bank (IIB) entered into an Agreement on Cooperation.

On behalf of Vnesheconombank the Agreement was signed by Chairman Vladimir Dmitriev and on behalf of IIB – by Board Chairman Nikolai Kosov.

The parties are exploring the opportunity to jointly participate in implementing investment projects including those aimed at supporting exports of Russian products and services to International Investment Bank member countries. Based on development banks’ functions and objectives the Agreement provides for expanding cooperation between the two financial institutions on Russian and international markets in order to develop and modernize the Russian economy and support economic cooperation between IIB member countries.

The International Investment Bank is an international financial institution established and operating on an appropriate intergovernmental agreement. IIB members are Bulgaria, Vietnam, Cuba, Mongolia, Russia, Romania, Slovakia and Czechia. The Russian Federation has the largest stake in IIB capital (44.7%).

IIB’s activity is aimed at funding small and medium-sized enterprises and supporting economic cooperation between IIB member countries. For the most part, the Bank uses agency funding principle.

The Bank gives high priority to cooperation with national and international financial institutions. The Bank focuses on opening targeted credit lines for national development banks and IIB member countries’ export-import banks as well as on participating in programs aimed at syndicated funding of investment projects.

 

Press Office of Vnesheconombank
Phone; +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank and Deutsche Bank finance construction of a modern pig-breeding complex in Bashkortostan republic

16 january 2013 года
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State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and Deutsche Bank AG, Frankfurt concluded a loan agreement to finance a project for construction of a pig-breeding complex on the territory of Bashkortostan Republic.

Deutsche Bank AG provided a 7-year facility of up to RUB625 million insured by the German export credit agency Euler Hermes for financing 85% of the German equipment supply contracts and up to 100% of the respective insurance premium.

The facility being the second Ruble-denominated loan insured by Euler Hermes raised by Vnesheconombank establishes a new trend and demonstrates the banks’ role as the pathfinders in the field of ECA-backed transactions in Russia.

The project «Construction of a pig-breeding complex with a capacity of 42 thousand tons in live weight per year in Bashkortostan Republic» is implemented by “Bashkirskaya Meat Company” LLC. The total project value is RUB6.2 billion, with Vnesheconombank’s commitment of RUB4.9 billion.

 

Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank became a full-fledged member of Association of Development Financing Institutions in Asia and the Pacific (ADFIAP)

10 january 2013 года
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State corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” joined the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) as a full-fledged member.

Joining ADFIAP will enable Vnesheconombank to participate in co-financing with other Association members of various projects in such areas as infrastructure, environmental protection, energy efficiency, social development, micro-finance and SME projects. Vnesheconombank joined ADFIAP as an observer in September 2007.

Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) was established in October 1976 and is one of the major associations of banks and other development financing institutions comprising about 121 institutions. The Association seeks to coordinate the activities of development financing institutions to secure social and economic development of the region. The Association members include the Asian Development Bank; KfW Bankengruppe and financial institutions from 45 countries. ADFIAP acts as one of co-founders of the World Federation of Development Financing Institutions. ADFIAP Secretariat is located in Manila, the Philippines.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

9 january 2013 года
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Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund as of January 1, 2013.

The Reserve Fund

The aggregate amount of the Reserve Fund was 1 885.68 billion rubles, which is equivalent to 62.08 billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

  • 27.42 billion US dollars
  • 21.45 billion euros;
  • 3.88 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to December 31, 2012 was 0.43 billion US dollars, which is equivalent to 12.97 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 to December 31, 2012 was a negative value of (-) 16.21 billion rubles.

The National Wealth Fund

The aggregate amount of the National Wealth Fund was 2 690.63 billion rubles which is equivalent to 88.59 billion US dollars including:

1)     In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

  • 27.66 billion US dollars;
  • 24.15 billion euros;
  • 4.39 billion pounds sterlings;

2)     474.02 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

In December of 2013, incomes from placing the Fund’s financial resources on Vnesheconombank’s deposits in the amount of 9.29 billion rubles which is equivalent o 030 billion US dollars were transferred to the federal budget

The aggregate income from placing the Fund’s financial resources on Vnesheconombank’s deposits in 2012 was 40.67 billion rubles which is equivalent to 1.31 billion US dollars.

 

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to December 31, 2012, was 0.49 billion US dollars, which is equivalent to 14.92 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts from January 1 to December 31, 2012 was a negative value of (-) 88.53 billion rubles. The exchange rate difference from recalculating funds placed on Vnesheconombank’s deposits in US dollars was
(-) 11.40 billion US rubles.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

Origin: Press Service of Russia’s Finance Ministry

 

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