A Co-operation Agreement was signed on 24 April 2003 between Vneshtorgbank and Rosenergoatom concern.
Under this agreement, VTB and Rosenergoatom agreed on scale co-operation involving comprehensive banking services to be provided by Vneshtorgbank to the Concern and its regional structural units, in particular, funding on-going business, prospective projects aimed at ensuring fail-safe operation of nuclear power stations (Concern`s branches), import of goods and services for the Concern`s benefit.
Under the agreement, VTB will take part in arranging finance for Rosenergoatom`s investment projects, including search of strategic partners and financial investors, as well as raising funds. In particular, VTB will assist in implementing the Government programme "Russian Energy Strategy for 2002-2010 and till 2020" and the target-oriented programme "Energy-efficient economy outlook for 2002-2005", where average annual volumes of fundingount to 25 billion roubles.
In return, Rosenergoatom will invite Vneshtorgbank to render banking services in all constituent members of the Russian Federation where its structural units are located.
By mutual consent of the parties, a full spectrum of banking services will be rendered to the Concern staff.
At the same time, the parties signed a programme of action specifying specific measures under the agreement.
In developing co-operation, VTB and the Concern already signed a RUR1bn loan agreement aimed at ensuring current financial needs of the Concern.
The agreement was signed by Andrey Kostin, President and C.E.O. for Vneshtorgbank, and Oleg Sarayev, Director General, for Rosenergoatom.
According to Mr. Kostin, "signature of the agreement has become further step in combined efforts of VTB and the Minatom-run [the Russian Ministry of Nuclear Energy] enterprises. Subject to the Co-operation Agreement with the RF Minatom, VTB handles the HEU-LEU [highly enriched uranium into low-enriched uranium] contract, has implemented projects to render banking services to the Ministry and its staff, arranged banking services to IAEA on the Russian territory. Operations are expanding with important enterprises of the industry such as Tekhsnabexport, enriched uranium and back-end integrated works. We are co-operating with Atomstroiexport under the 5th nuclear power unit construction project in Finland."