Russian Prime Minister V.V. Putin Meets Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ V.A. Dmitriev

30 september 2009 года
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Transcript of the meeting’s beginning

V.V.Putin: Vladimir Alexandrovich, how is work proceeding on implementing your main projects?

V.A.Dmitriev: In general, we are working in accordance with the decisions taken by the Supervisory Board. In this respect, I’d like to inform you on the progress of implementing the project approved by the Bank’s Supervisory Board at its latest meeting. The project is aimed at building a terminal in Ust-Luga.

V.V.Putin: On the port as a whole.

V.A.Dmitriev: We made a decision to increase the financing amount to 550 million dollars. I was in Ust-Luga last week and I flew all over the district and I can tell you that the project is at a high level of preparation, here I mean berthing facilities, storage reservoirs, overhead roads. One overhead road is completed; foundations were laid for another two overhead roads for oil products transshipment facility and the port infrastructure. Administrative buildings and the custom house are at the highest level of preparation. We have enough grounds to believe that a transshipment facility with a capacity of 12 million tons will be commissioned next spring.

V.V.Putin: Where do you have problems there? How do they address problems in infrastructure, approach roads and channels?

V.A.Dmitriev: As far as infrastructure is concerned, some progress is being made with regard to railways, and the problem is going to be addressed properly.

In fact, we are coming up against problems associated with laying a high-voltage power transmission line, because the results of geological works performed earlier are not in line with the real situation. So, relevant decisions had to be made and technological solutions found would make it possible to address this problem comprehensively till next spring.

V.V.Putin: A deep channel?

V.A.Dmitriev: A deep channel is also being made and the work is being performed simultaneously with piling earth. In fact, while piling earth for berthing facilities they are making room for a deep channel.

V.V.Putin: Vladimir Alexandrovich, it’s not entirely your sphere of competence but for the money invested by the Bank to be used efficiently and to pay its way at proper time and for the project in all its aspects to be launched in due time and operate in the most efficient way you should address these problems comprehensively and completely with the Transportation Ministry.

V.A.Dmitriev: We are working in close contact with the Transportation Ministry, with the project’s initiators and with investors. The more so, this project is characterized by the fact that investors’ and the state bank’s participation share is 50 to 50. So, significant investments have been made.

V.V.Putin: By all sides?

V.A. Dmitriev: Yes.

V.V.Putin: It’s important for all these investments to be used efficiently.

V.A.Dmitriev: No doubt about it. And in this respect I’d like to bring up one more issue.  This is a new project in the field of civil shipbuilding. Besides the projects already approved for financing or those to receive financing in the near future, we started to comprehensively study a new Far Eastern project aimed at creating a Far Eastern shipbuilding center on the basis of the Zvezda plant.

This is a dry dock and a shipyard where they will produce tankers, gas carriers and drilling platforms. The project’s total value is 35 billion rubles and we plan that we’ll start financing it next year. We believe that construction work will start in the second quarter of the next year to be able to lay the first keel in 2011.

In our opinion, this is a very significant project in the Far Eastern region. It is of great economic and social importance, because it will create new jobs, generate tax revenues and will entail the development of parallel, related high-technology production facilities.

And, by the way, the Amurmetall plant will be given a good marketing outlet for its products.

V.V. Putin: Is the volume of orders going to increase?

V.A.Dmitriev: Yes, it is.

V.V.Putin: What’s your participation share there? Can you specify it numerically?

V.A.Dmitriev: As this project was initiated by the United Shipbuilding Corporation it is to be implemented on the basis of project financing. This means that for the most part it will be financed by Vnesheconombank. But taking into account orders from Gazprom, Rosneft Sovkomflot and a number of other companies the project’s payoff period might be 10-15 years. The project’s total value is 35 billion rubles.

Origin: Internet-portal of the Government of the Russian Federation

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On Payments on Government Foreign –Currency Denominated Bonds

29 september 2009 года
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In accordance with the terms of issuing eurobonds, on the Russian Finance Ministry’s instructions State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ transferred funds in the total amount of 1  543  361 681. 93 US dollars to The Bank of New York to make a regular payment on Eurobonds to repay government foreign debt of the Russian Federation including:

-in the amount of 355  143  789.20 US dollars to repay principal and pay coupons on eurobonds with a final maturity date of 2010;

-in the amount of 1 188 217 892.73 US dollars to repay principal and pay coupons on eurobonds with a final maturity date of 2030.

The payment was made in a single currency.

 

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

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On Signing Credit Agreement between Vnesheconombank, DZ BANK AG and AKA Ausfuhrkredit- Gesellschaft, Germany

29 september 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, DZ BANK AG Deutsche Zentral-Genossenschaftbank (Germany) and AKA Ausfuhrkredit-Gesellschaft (Germany) signed an individual Credit Agreement.

Funds to be raised by Vnesheconombank will be used to finance the supplies of German equipment under the contract between LLC Volzhsk Construction Materials Factory (the Republic of Mari El) and MASA-Henke Maschinenfabrik GmbH (the city of Porta Westfalica).

Cooperation is carried out within Vnesheconombank’s participation in the aerated concrete factory construction project in the city of Volzhsk (the Republic of Mari El) with an annual capacity of 600 thousand m3. The project provides for building a factory to manufacture products from aerated concrete for building low-rise housing with the use of German module home building technology.

This Credit Agreement was made to build on the framework agreement signed in 2005 between Vnesheconombank and AKA Ausfuhrkredit-Gesellschaft (the city of Frankfurt on the Maine).

DZBANK Group is a part of the financial cooperative association -  FinanzVerbund, which incorporates about 1200 German cooperative banks includin  Volksbanken and Raiffeisenbanken. Within the FinanzVerbund financial association DZ BANK is a central bank for more than 1000 German cooperative banks.

Limited liability company AKA Ausfuhrkredit-Gesellschaft (Germany) was established in 1952. It is designed to support German exports. 20 German banks are its shareholders.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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On Signing Credit Agreement between Vnesheconombank and CJSC Daltransugol

29 september 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and CJSC Daltransugol (a subsidiary of OJSC Siberian Coal and Energy Company) entered into a Credit Agreement on providing financing in the amount of 4.5 billion for a period of 10 years.

On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Deputy Chairman Anatoly Ballo on behalf of CJSC Daltransugol – by its General Director Dmitry Lisin and Chief Accountant Maria Aksenova.

The funds are intended for financing the final stage of construction of the coal terminal with a capacity 12 million tons per year in the bay of Muchka of the port of Vanino (the Khabarovsk region). The Vanino bulk terminal with a rated capacity of 12 million tons per year is designed to transship coal from SUEK enterprises and other Russian coal companies to export it to the Asian-Pacific region countries. The Vanino Coal Terminal Construction Project is one of the largest investment projects in the Russian transport infrastructure being implemented in the Far East.

After achieving its rated capacity Vanino will become the largest coal port in the Far East and the second largest port in Russia.

The implementation of the project will make it possible to receive and handle ships with deadweight of more than 170 thousand tons.

The total amount of investments under the project is more than 9.5 billion rubles.

CJSC Daltransugol is 100% subsidiary of OJSC Siberian Coal and Energy Company and the operator of the Vanino coal terminal. OJSC Siberian Coal and Energy Company is the largest Russian energy coalproducer. The amount of coal production in 2008 was 96.2 million tons. The company is the largest Russian coal exporter. The amount of international sales in 2008 was 28.2 million tons.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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On signing an Agreement between Vnesheconombank and Bayerische Landesbank

25 september 2009 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Bayerische Landesbank (Germany) signed a Framework Credit Agreement.

The agreement envisages the possibility of raising credit resources by Vnesheconombank in order to finance supplies of equipment and/ or services from Germany and other Organisation for Economic
Co-operation and Development (OECD) member states to the Russian Federation for the purpose of implementing projects aimed at Russian economic development.

Conclusion of the Framework Credit Agreement is a clear demonstration of high level of Russian-German economic cooperation, as well as both bank’s intention to further bolster partnership relations.

Bayerische Landesbank (BayernLB) is one of the largest banks in Germany and was established in 1972. Under its revised strategy, it will concentrate on Small and Medium Enterprises, large corporates, commercial real estate and retail banking segments from now on. BayernLB has strong relationships with German and international customers and is excellently positioned in export and project financing, particularly in the growing renewable energy market. The Bank’s assets as of June 30th, 2009 have amounted to EUR 404,56 billion.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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