VEB.RF, Russia Railways and Rostec Sign Road Map to Manufacture High-Technology Products for Railway Industry

7 june 2019 года
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At the St. Petersburg International Economic Forum, Russian Railways, Rostec State Corporation and VEB.RF signed a road map to phase out imports of digital products in the railway industry.

The road map was designed to implement the memorandum on cooperation in import substitution, innovative development and digital economy projects that was signed by the parties in February.

The road map provides for the high-technology products and solutions of Rostec’s Radiolectronics Cluster to be checked-out and tested using the facilities of railway transport companies. Successfully tested equipment can be then purchased by Russian Railways with potential backing from State Development Corporation “VTB.RF’.

“VEB.RF gives priority to major infrastructure projects, introduction of Russian leading-edge technology and digital solutions, and better transport accessibility. VEB.RF cooperates with Russian Railways and Rostec in several key business areas, which are now specified in the road map together with timelines and responsible officers. Importantly, each of our common tasks is ultimately designed to improve the quality of our people’s life,” VEB.RF’s Deputy Chairman Aleksey Ivanchenko said.

“The signing of this road map wraps up the preliminary stage of reviewing our companies’ requirements and capabilities, and we are moving on to collaborative work for the benefit of our customers,” Director for Information Technologies at Russian Railways Evgeniy Charkin said.   

“Cooperation with Russian Railways and VEB.RF will enable Rostec to promptly implement advanced digital solutions in the railways infrastructure. It would also facilitate the achievement of goals set in the Digital Economy national project and contribute to import substitution. Rostec has already created efficient, reliable, cyber- secure and price-wise competitive products, which will be customized for Russian Railways’ needs,” Industrial Director of Rostec’s Radioelectronics Cluster Sergey Sakhnenko said.

The most promising areas of potential cooperation include Russian digital solutions ensuring tight information security for management information systems, IT and telecommunications equipment, robotics, and the industrial internet of things devices management.

At the Russian Investment Forum in Sochi in February 2019, Rostec State Corporation, Russian Railways and VEB.RF signed a memorandum on cooperation in import substitution, innovative development and digital economy projects. The partners have committed to facilitate the creation and localisation of high-technology non-defence products for the benefit of Russian Railways and using technological capacities of Rostec’s companies with potential backing from VEB.RF.

VEB.RF is a state development corporation. In partnership with commercial banks and investors, VEB.RF is involved in national projects designed to support high value-added manufacturing, non-resource exports, urban agglomeration and infrastructure development. VEB.RF coordinates activities of the largest national development institutions: Russian Export Center, DOM.RF, RSMB Corporation, the Far East and Baikal Region Development Fund, MONOGORODA.RF.

One of the largest industrial companies in Russia, Rostec State Corporation comprises over 700 research and industrial companies in 60 regions of the country. Its key business areas include transport engineering, electronics, medical technology, chemistry, and innovative materials. Rostec’s holdings are divided into three clusters: radioelectronics, armaments, and aviation. Rostec’s portfolio includes such well-known brands as AVTOVAZ, KAMAZ, Kalashnikov, Russian Helicopters, URALVAGONZAVOD, and others. Rostec actively participates in all the twelve national projects. The major supplier of the Smart City technology, the company engages in the digitalisation of public administration, industry, and social sectors, and elaborates 5G development programmes, industrial internet of things, big data, and blockchains. Among its partners, Rostec counts leading global producers such as Boeing, Airbus, Daimler, Pirelli, Renault, etc. The corporation exports its goods to more than 100 countries. High-technology exports account for almost one third of the company’s revenues.

Russian Railways is one of the world’s largest railway companies with a vast freight and passenger volume. The company has high financial ratings, skilled professionals in all spheres of railway transportation, a broad science and technology base, project and construction facilities, and considerable experience in international cooperation.

The company operates one of the world’s largest transportation network with 85,500 km of maintained tracks and 43,700 km of electrified lines.

Russian Railways account for 45% and about 25% of Russia’s total freight (including pipeline transportation) and passenger traffic, respectively.

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Nizhniy Novgorod to Obtain New Trams and Buses with Backing from VEB.RF

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Governor of Ulyanovsk Region Sergey Morozov signed an agreement on cooperation between Ulyanovsk Region and VEB.RF. The Agreement addresses the priority tasks of developing the region’s transport system.

In particular, the parties intend to cooperate in the modernisation of a tramway system and construction of new tram lines in the Nizhniy Novgorod agglomeration. VEB will use its leasing mechanisms to help renew the tram and bus fleet. VEB.RF is also prepared to assist the region in designing project financing schemes.

Igor Shuvalov said: “Historically, Nizhniy Novgorod has been one of the key national economic centres. In April, the region’s capital hosted a business mission of the development institutions. We were shown a number of promising projects. An integrated approach to the agglomeration’s transport problems may dramatically improve the quality of urban infrastructure.”

Governor of Nizhniy Novgorod Region Gleb Nikitin said: “We understand that today a stable development of the Nizhniy Novgorod agglomeration requires large-scale and capital-intensive projects. The leading development institution’s endorsement of our ideas proves that the federal government views Nizhniy Novgorod Region as a high growth potential territory, comfortable for residents and attractive for investors.”

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Development Institutions to Deliver Pilot Projects in Sakhalin Region

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov, DOM.RF’s CEO Alexander Plutnik and Interim Governor of Sakhalin Region Valeriy Limarenko signed an agreement on cooperation between Sakhalin Region, State Development Corporation “VEB.RF” and the Foundation of Integrated Housing Development Institution (established by DOM.RF).

The parties agreed to cooperate in addressing priority tasks of social and economic development of Sakhalin Region. The Agreement also specifies joint pilot projects. The first project is aimed at the gasification of the region’s power- and heat supply sources using the public-private partnership approach. The second one deals with the development of urban environment in Yuzhno-Sakhalinsk. The project provides for the construction of a residential block as well as social and business blocks in compliance with the standard of integrated spatial development.

“We very much appreciate the assistance of development institutions. It will enable us to transform and improve the life of thousands of Sakhalin residents, to provide them with green energy, heating, and new jobs much sooner, within just a few years. We’ll be able to minimise coal consumption, massively improve the image of the island capital, and move people to new comfortable houses,” Interim Governor of Sakhalin Region Valeriy Limarenko said.

The region’s head of administration also stressed that he was looking forward to further cooperation with development institutions and new joint projects.

VEB.RF’s Chairman Igor Shuvalov said: “This Agreement is another milestone in our cooperation with Sakhalin Region. In April, development institutions sent a team of their representatives to the region on a business mission. We discussed promising investment projects. The region has considerable potential for the municipal economy development. The Agreement sets a regulatory framework required to implement these joint plans.”

“The integrated urban development is about creating not only the prerequisites for economic growth but also a comfortable urban environment. It is an essential basis for sustainable development. The tripartite agreement will help focus on developing the region’s competitive edges and give necessary impetus to overall growth in the region,” DOM.RF’s CEO Alexander Plutnik commented.

On 23 April, development institutions’ CEOs headed by VEB.RF’s Chairman Igor Shuvalov visited Yuzhno-Sakhalinsk. They had a meeting with Interim Governor of Sakhalin Region Valeriy Limarenko and his team to discuss promising projects, in particular, in transport, power generation, healthcare, and investment in municipal and tourism infrastructure.

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VEB.RF and Ulyanovsk Region to Continue Cooperation in Infrastructure Development

7 june 2019 года
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During the St. Petersburg International Economic Forum 2019, VEB.RF’s Chairman Igor Shuvalov and Governor of Ulyanovsk Region Sergey Morozov signed an agreement on cooperation between Ulyanovsk Region and VEB.RF. The Agreement provides for the search for and review of investment projects aiming to accomplish priority objectives of social and economic development of Ulyanovsk Region.

“VEB.RF Group has necessary expertise and instruments in place to assist regions in raising investment to modernise their infrastructure. With Ulyanovsk Region, we engage in deliveries of municipal equipment. This Agreement is to further contribute to our cooperation in building a modern urban economy,” VEB.RF’s Chairman Igor Shuvalov said.

“Currently, Ulyanovsk Region implements a number of projects aimed at urban improvement, development of heat supply facilities and full-service maintenance of traffic system. Consequently, this Agreement is pivotal for our region’s development. We have a good track record of efficient cooperation with VEB Leasing in supplies of heating and municipal equipment, and in urban improvement. I am confident that it won’t be long before new projects come to fruition,” Governor of Ulyanovsk Region Sergey Morozov said.

Previously, VEB.RF Group represented by VEB Leasing concluded a five-year state contract for the delivery of municipal equipment. The contract provides for the supply of 98 pieces of special equipment to operate and maintain water supply networks. The first batch of equipment intended for Ulyanovsk and Dmitrovgrad has already arrived in the region. After the contract expires the equipment will become the property of Ulyanovsk Region. The amount of the contract is almost half a billion roubles.

In 2018, VEB Leasing procured a contract for the delivery of some 300 million rouble worth of boiler equipment to Ulyanovsk Region.

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VEB.RF and Sovcomflot Sign Financing Agreements for Construction of LNG-fuelled MR Tankers

7 june 2019 года
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The VEB.RF Group and Sovcomflot announced the signing of agreements on VEB-Leasing financing the construction of three new generation LNG-fuelled MR tankers at the St. Petersburg International Economic Forum.

Sovcomflot placed the order for three new generation MR tankers with Zvezda Shipbuilding Complex (Primorsky region) on December 28, 2018. Each tanker will have deadweight of 51,000 tonnes. The delivery of the vessels is scheduled for 2022-2023. The tankers will transport petroleum and gas condensate under 20-year time charter agreements with NOVATEK PJSC. The vessels will have Ice Class 1B enabling them to provide safe and reliable year-round shipping in challenging ice conditions, in particular in the Baltic Sea.

The vessels’ technical specifications have been designed to meet international regulations and conventions on emissions of sulphur and nitrogen oxides, and greenhouse gases, which come into effect in 2020. Comparing with conventional bunkering fuels, LNG can significantly reduce the emissions: sulphur oxides (SOx) by 100%, nitrogen oxides (NOx) by 76%, carbon dioxide (CO2) by 27%, low-dispersed particles by 100%.

Sergey Frank, President and CEO of Sovcomflot, said:

“Sovcomflot is one of the world leaders in the implementation of green technologies in the transportation of energy by sea. The company already successfully operates six new generation Aframax tankers powered by LNG. Five more LNG-fuelled vessels have been ordered by Sovcomflot from the Zvezda Shipbuilding Complex and will be built over the next few years. We welcome the plans of Russian shipbuilders to create state-of-the-art large-tonnage LNG-fuelled vessels which, of course, represent the future of shipping.”

“We are pleased that this project is a next step in our positive experience of cooperation with the VEB.RF Group. VEB-Leasing previously participated in financing the construction of a number of Sovcomflot’s leading vessels in Russia, namely Arctic shuttle tankers of the Mikhail Ulyanov series, as well as new generation Aframax tankers being built at the Zvezda Shipbuilding Complex.”

“Shipbuilding is one of the largest engineering industries with significant scientific and technical potential. The support of this industry is one of the priorities of VEB-Leasing and VEB.RF to assist the industrial development of Russia,” VEB-Leasing’s CEO Artyom Dovlatov said.

SCF Group is the largest Russian shipping company and one of the world’s leading energy shipping companies, as well as a provider of services to offshore exploration and oil and gas production. The company’s owned and chartered fleet includes 146 vessels with a total deadweight of 12.8 million tonnes. More than 80 vessels have ice class.

Sovcomflot provides services to the following major oil and gas projects in Russia and abroad: Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, Novy Port, Yamal LNG, Tangguh (Indonesia). The company has its headquarters in St. Petersburg and representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol and Dubai.

Today SCF Group’s Green Funnel series of large-tonnage tankers include six oil tankers of the Gagarin Prospekt type (deadweight of 114,000 tones, Arc4). The lead ship in the series won the international Marine Propulsion Ship of the Year Award. In December 2018, SCF Group won Lloyd’s List Global Environmental Award - Individual Company. It was the initiative of Sovcomflot to introduce LNG as the main fuel for large-tonnage tankers that was highly praised by industry experts.

Sovcomflot is one of the largest customers of the Russian civil shipbuilding industry and contributes to localising the production of high-technology vessels in Russia. In recent years, Russian shipbuilders have built more than 20 vessels for Sovcomflot with a total cost of about USD1.3bn. SCF Group successfully cooperates with Russian companies like Zvezda Shipbuilding Complex, Admiralty Shipyard, and Vyborg Shipyard etc.

VEB-Leasing is part of the VEB Group. The Company’s core business is related to leases of modern aircraft, high-technology equipment, railway vehicles, sea and river vessels, motor vehicles and special-purpose equipment. As specified in the Memorandum on Financial Policies, one of VEB.RF’s priorities is contributing to Russia’s economic development by providing lease financing, delivering major infrastructure projects, and growing urban economy, including development of transportation systems, upgrade of housing and public utilities.

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