Fitch affirms Russia's Vnesheconombank

7 february 2008 года
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Fitch Ratings-London / Moscow-07 February 2008: Fitch Ratings has today affirmed the ratings of Russia's Vnesheconombank ("VEB") at Long-term Issuer Default (IDR) 'BBB+', Short-term IDR 'F2', Support '2' and Support Rating Floor 'BBB+'. The Outlook for the Long-term IDR is Stable. VEB's IDRs are equalised with those of the Russian sovereign, reflecting Fitch's view of the extremely high propensity of the Russian authorities to provide support in case of need. This view is based on VEB's status as a policy bank and important new role as a national development bank with the goals of promoting the competitiveness and diversification of the Russian economy.

Although VEB's balance sheet is likely to change significantly as it evolves into its role as a development bank, it is currently highly concentrated, both in terms of loan exposures and occasional substantial equity investments. VEB has also been active during the last few years in financing the acquisitions by Russian state-owned companies of oil and gas assets; these large transactions compromise VEB's balance sheet integrity and expose the bank to substantial credit risk. VEB's considerable securities trading activities have also resulted in high earnings volatility, while interest income has come under pressure from higher funding costs.

The bank's capital and liquidity profiles are strong following a RUR180bn equity injection from the state at end-2007, and VEB is currently an important supplier of liquidity to the Russian banking sector. Furthermore, reported loan impairment has been low to date, supported by favourable economic conditions.

VEB was established by the Russian State and in 2007 was assigned the role of a development bank. It continues to perform agency functions for foreign debt payments and for pension savings management, but these functions are to be transferred to other agencies.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

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Vnesheconombank Chairman V.A. Dmitriev took part in the Russian Union of Industrialists and Entrepreneurs’ (RSPP) meeting and congress.

5 february 2008 года
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Rosneft and Vnesheconombank Sign Memorandum on Cooperation

4 february 2008 года
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On February 4, OJSC Rosneft and State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ signed a Memorandum on Cooperation.

The Memorandum provides for the two sides to jointly participate in carrying out projects aimed at developing infrastructure, innovations and diversifying business associated with the production and export of oil and deeply processed petroleum products.

Under the Memorandum Vnesheconombank is to conduct financial analysis of such Rosneft’s capital-intensive projects as the reconstruction of the Tuapse Reinery and the construction of an oil main pipeline from the Vankor field to Transneft’s system in the Yamalo-Nenets autonomous district (Purpe) and is to participate in working out schemes for raising funds to finance these projects.

Information:

The Vankor-Purpe oil pipeline is 543 kilometers long. It will connect the Vankor field in the Krasnoyarsk Territory to Trasneft’s system of main pipeline sin Western Siberia. This will allow to transport raw materials produced in Vankor to the Asian-Pacific region countries’ markets through the Western Siberia- Pacific Ocean oil pipeline. The implementation of the project would contribute to the Krasnoyarsk Territory’s economic growth, closer integration of its northern territories with the regional centers of economic development and increased inflow of private investments to related industries of the region.

The large-scale reconstruction of the Tuapse refinery carried out by Rosneft is basically the creation of a new high-technology oil refining facility with a capacity of 12 million tons of oil a year. The first stage of work is to be completed in 2010, the second stage – in 2012. After reconstruction is completed the Tuapse refinery will become one of the most state-of-the art refineries in the Russian Federation with a refining depth of 95%.

Commenting on the signing of the Memorandum Rosneft President Sergei Bogdanchikov said that the implementation of the projects provided for by the Memorandum would enhance national and global energy security. In his turn, Vnesheconombank Chairman Vladimir Dmitriev said that VEB was ready to lend its support for Rosneft’s projects provided that they were in line with the Memorandum on the Bank’s Financial Policy and added that the Bank would start work on their comprehensive expert’s examination in the near future.

 

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

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Vnesheconombank and Volgograd Administration Sign Agreement

1 february 2008 года
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Today, on February 1, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Volgograd Region Administration entered into an Agreement on Cooperation.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and Volgograd Region Administration Head Nikolai Maksyta. The signing ceremony was held in the presence of Plenipotentiary Presidential Representative in the Southern Federal District Grigory Rapota.

This Agreement aims to establish strategic partnership and promote long-term, effective and mutually beneficial cooperation between the two sides in the investment business.

Under the Agreement the two sides are determined to cooperate in raising funds to finance projects aimed at fulfilling high-priority tasks of developing the region and enhancing its economic and industrial potential. Specifically, highly promising projects include those in manufacturing of building materials, transport infrastructure and agroindustrial sector. A list of high-priority projects is to be made annually on the basis of the region’s socio-economic priorities.

The implementation of the Agreement would help boost the region’s economic potential growth rate, its investment appeal and make the country’s economy more competitive as a whole.

 

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

 

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Vnesheconombank Chairman V. Dmitriev took part in an exit session of the Council for the Development of the Timber Industrial Complex under the Russian Government in Syktyvkar.

29 january 2008 года
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