February 3, 2006, Moscow - Vneshtorgbank and ITERA oil and gas company signed a Cooperation agreement designed to enhance mutually rewarding partnership in promoting the Russian oil and gas industry.
Under the Agreement, Vneshtorgbank shall provide ITERA with a full spectrum of financial products and services, including finance for current and investment needs of the Company, through extending guarantees and acknowledging L/Cs, cash and settlement services, foreign exchange operations and all other kinds of settlement both within Russia and abroad. Among prospective forms of cooperation are Vneshtorgbank`s involvement in raising foreign funds for ITERA, including syndicated loans, arranging financial valuation and due diligence analysis of ITERA investment projects, the Bank`s participation in issuing and placing ITERA bonds.
The Agreement was signed by Andrey Kostin, Chairman and CEO of Vneshtorgbank, and Igor Makarov, Chairman of ITERA Board of Directors.
Addressing the signing ceremony, Andrey Kostin said: " Dynamic growth recently posted by both oil and gas industry, and banking business is a kind of springboard for our future joint efforts. We are aspired to capture the new opportunities, as well as challenges identified in the Agreement signed to further solidify the leadership gained of VTB and ITERA in the respective segments of the Russian economy".