Vnesheconombank, Komi Government and Russia’s Union of Timber Industrialists and Timber Exporters Enter into Agreement

29 january 2008 года
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Today on January 29, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Government of the Komi Republic and Russia’s Union of Timber Industrialists and Timber Exporters entered into a Memorandum on Cooperation in Carrying out the Udorsk Pulp-and-Paper Mill Construction Project in the Komi Republic.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, Rusian Union of Timber Industrialists and Timber Exporters President Miron Tatsyn and Komi Republic Head Vladimir Torlopov.

The three sides are determined to cooperate to carry out the Udorsk Pulp-and-Paper Mill Construction Project in the Komi Republic. The Project’s expected investment value is 40 231 million rubles. The Mill’s construction period is 4 years from the start of project design work. It is expected to reach its full design capacity in 2014. The Project provides for building a production facility to manufacture competitive deeply processed wood products such as coated and metallized paper, label paper and paperboard. The Mill is to be designed in accordance with the most modern environmental safety requirements.

Under the Agreement Vnesheconmbank is to consider the possibility of conducting comprehensive expert examination of the project and participating in working out a scheme for financing it.

Vnesheconombank’s participation in implementing this Project is in line with the principles, main lines, and industrial priorities of Vnesheconombank’s investment activity stipulated in the Memorandum on Vnesheconombank’s Financial Policy.

The implementation of the Project will drastically reduce the export of unprocessed wood from the region and will help:

  • address the region’s social problems by way of building social infrastructure facilities and creating additional jobs;
  • raise people’s incomes and living standards in the region;
  • reduce the import of pulp-and-paper products;
  • expand businesses involved in building the pulp-and-paper mill from other industries.

Thus the construction of the Udorsk Pulp-and-Paper Mill will not only contribute to the development of the Komi Republic’s economy but also will result in implementing the measures adopted by the Russian Government in the field of timber processing aimed at increasing the share of high value-added products (deeply processed wood) and boosting the timber processing industry’s investment appeal.

 

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 BNP Paribas Entered into Agreement

28 january 2008 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and French Bank BNP Paribas entered into an Agreement on Cooperation in implementing Kyoto Protocol provisions aimed at developing conservation policy and preventing climate change.

The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and BNP Paribas Director Simon Dent.

The Agreement provides for promoting cooperation between Vnesheconomban and BNP Paribas upon selecting, examining and preparing projects aimed at creating favourable conditions for developing, implementing and spreading ecologically safe technologies.

 

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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Payments on 1998 Eurobonds

23 january 2008 года
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In accordance with the terms of issuing Eurobonds and on the Russian Finance Ministry’s instructions  Vnesheconombank made a payment in a total amount of 190 651 890,00 US dollars to pay interest on 1998 Eurobonds.

The payment was made in a single currency. The funds were transferred to Citibank N. A., London Office.

1998 Eurobonds were issued for a total amount of 3 466 398 000,00 for a period of 20 years, with coupons being paid with two half-year contributions.

 

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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On Accepting Fifth Tranche OVGVZs for Redemption

22 january 2008 года
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In accordance with the Terms of Issuing OVGVZs approved by Resolution of the Russian Government dated March 15, 20003 N 222, maturity date for fifth tranche OVGVZs falls on May 14, 2008.

 

At present, Vnesheconombank’s Custody Department accepts OVGVZs from their holders to pay the last coupon and redeem the said bonds.

 

In accordance with the Terms of Issuing OVGVZs, acceptance of fifth tranche OVGVZs to pay the last coupon is to be terminated a month before the bonds’ redemption, that is, Vnesheconombank’s Custody Department is to accept fifth tranche OVGVZs till April 11, inclusive. After the said date till May 14, 2008 Vnesheconombank’s Custody Department is to terminate all transactions in the said bonds. Vnesheconombank is to start accepting fifth tranche OVGVZs to make coupon payments and redeem them on May 16, 2008. The period for presenting bonds and coupons for payment is set at 10 years as from the end of the calendar year in which the maturity date for relevant bonds and coupons comes due.  For fifth tranche OVGVZs this period is to end on December 31, 2018.

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Vnesheconombank Deputy Chairman Appointed

17 january 2008 года
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Mikhail Sinelin has been appointed as State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Deputy Chairman.

Earlier Mikhail Sinelin was the Head of the Russian Prime Minister’s Secretariat.

In Vnesheconombank Mikhail Sinelin will be in charge of working with the federal executive authorities.

 

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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