Vnesheconombank Chairman Vladimir Dmitriev participates in a ceremony to launch Angstrem-T power plant
Vnesheconombank Chairman took part in a ceremony to launch a trigeneration Angstrem-T power plant in the city of Zelenograd.
The supply of heat, electric power and cooling using its own fully stand-alone power plant would make it possible to fully meet the needs of a new microelectronics fab. Maximum installed power of the power plant is 42 MW, heat generation – up to 30 MW, cooling generation – up to 27 MW. It is the only dual-fuel power plant in Europe with the equipment of the Finnish manufacturer Wartsila, which works on gas and diesel fuel. Gas is the main fuel, however in case of disruptions in energy supply, the power plant promptly goes directly to the mode of diesel fuel consumption. In terms of environmental impact, the power plant complies to the world’s standards.
The unique trigeneration system of the plant allows to provide the fab with heat electricity and cooling.
Vnesheconombank participates in funding a project on creating a production facility to manufacture submicron semiconductor components with topological norms of 90-130 nm. The production facility’s total value is 897 million euros. The Bank for Development participation share is 815 million euros. The project is being implemented by JSC Angstrem-T.
Now construction and installation works of the main manufacturing building are fully completed, they have performed work on preparation and accreditation of clean manufacturing areas. They also supply technological equipment. Startup operations are underway.
One of Vnesheconombank’s main lines of investment activity is to implement investment projects aimed at developing innovations. At present, the amount of funding innovation projects in VEB’s portfolio is more than 600 billion rubles.
JSC Angstrem-T is a production facility to manufacture submicron semiconductor products with topological norms of 90-130 nm with a potential for further modernization.
Manufacturing of domestic submicron semiconductors is designed to develop innovations in electronics industry and create a competitive research- production center of Russia’s new economy.
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Dmitry Medvedev’s opening address:
Today we are holding a regular meeting of Vnesheconombank’s Supervisory Board. As usual, we’ll discuss a lot issues but before we start doing it, I’d like to say a few words about what we are supposed to do.
We need to support the Bank for it to operate and carry out its statutory tasks. To this end, we’ll have to make decisions and adopt a plan to optimize the Bank’s operations through various forms of government and non-government support. This issue is under consideration at various meetings in the government.
These decisions should be made in the most immediate future because Vnesheconombank remains our country’s key financial development institution. The government cannot leave it completely alone to deal with the problems stemming from the financial and economic situation in the country, as well as from various sanctions imposed on our financial sector too.
We held various meetings and discussions and in the near future final proposals should be formulated. I entrust this task to the Finance Ministry. Anton Germanovich (turning to A. Siluanov) take the matter in hand, get proposals prepared and report to the Government of the Russian Federation and VEB’s Supervisory Board having in mind that the central part of the work is to be performed by the Finance Ministry as the country’s main financial authority.
Today, we’ll discuss a whole number of issues that are included in the agenda. Here I’d like to mention my recent business trip to the People’s Republic of China. Vnesheconombank’s Chairman was there too. An agreement was signed on raising a credit worth 10 billion yuans from the China Development Bank. This agreement was signed in the course of our meeting with Premier of the State Council of China Li Keqiang.
The funds will be used to finance Vnesheconombank projects in which Chinese companies participate. We want the number of such companies to increase. We already have a specific project and we’ll hope that other projects will emerge too.
We’ll also look into financial statements and other documents that were submitted for consideration by VEB’s Supervisory Board.
Vladimir Dmitriev’s briefing after a meeting of Vnesheconombank’s Supervisory Board
V.Dmitriev: A regular meeting of Vnesheconombank’s Supervisory Board is over. The keynote of the meeting is that the state is ready and finds it necessary to provide maximum support for Vnesheconombank in terms of the Bank’s liquidity, balance sheet, foreign debt repayment and internal debt repayments in the coming year.
To this end, a specially formed working group is working. And it is to submit proposals until the year-end for implementing measures for providing the state’s support for Vnesheconombank.
It is obvious that these measures would require optimization of Vnesheconombank’s operation and here I mean optimization of administration and other expenses not related to the Bank’s operation as a development institution. And this line of activity is its priority. Vnesheconombank is and remains to be a key financial development institution as the Prime Minister said today in his opening address.
There is no doubt that due to its status VEB has to carry out certain tasks which could at some point of its activity worsen its balance-sheet indicators. Here I mean the so-called special projects. But (the state is aware of these projects giving us certain instructions) the state should share responsibility with the Bank for funding these transactions and if required shore up Vnesheconombank’s balance sheet.
We also discussed issues related to specific investment projects and here I’d like to stress some progress in restructuring debts and the whole scheme for funding Concern Tractornye Zavody. We and our partners did a lot to structure transactions related to optimizing this concern’s operation both in the military and civil sectors.
A decision was made to approve a transaction on raising by Vnesheconombank a credit worth 10 billion yuans from the China Development Bank, with the funds to be used for implementing joint investment projects. A decision was also made on funding administration costs and expenses related to fixed assets for the 1st quarter of the next year. And it is very important for our work with investors that decisions proposed by Vnesheconombank on restructuring a number of Olympic facilities were approved. The main idea of these decisions was to improve investors' financial standing and prolong decisions related to cash sweep until July 2017 not to worsen our borrowers’ financial and economic situation. In general, we made this sort of decisions, so we are ending the year with optimism.
Question: Could you be more specific about support for VEB? In what form does the state intend to provide support for VEB?
V.Dmitriev: The working group is working and concrete proposals for state support measures are to be made to Vnesheconombank’s governance bodies in a week’s time.
Question: What are in your opinion the most urgent measures?
V.Dmitriev: The Finance Ministry and personally member of VEB's Supervisory Board are responsible for addressing this issue. The proposals he voiced are the ones of top-priority on our working group’s agenda.
Question: Is it now a matter of lump sum support for VEB?
V.Dmitriev: It’s a matter of systematic support for VEB related to liquidity, foreign debt repayment and internal debt repayments, implementation of projects for which VEB is responsible, funding of new projects using among other things financial resources worth 300 billion rubles from the National Wealth Fund.