Vneshtorgbank and Russneft oil company announced today of signing a Cooperation agreement. The document defines major guidelines of cooperation between Vneshtorgbank and Russneft, including comprehensive banking services to be offered to Russneft, raising credits to finance its current activities, providing finance for equipment import by Russneft, upgrading and enhancing the system of the company`s international and domestic settlement.
Under the Agreement, Vneshtorgbank shall contribute to meeting the current and strategic objectives set by Russneft, improve the banking servicing of the company, apply leading-edge finance management technologies to drive forward the company`s performance. The Bank shall also provide consulting and information management services in the sphere of banking and finance.
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JSC Russneft is a vertically integrated oil holding which is among the top largest oil and gas companies of the country.
Russneft` structure includes 25 oil producing, processing and transport enterprises, as well as a modern network of filling stations located in 13 regions of the Russian Federation and the CIS.
Geographically, Russneft is spread over the territories of West Siberia, Tomskaya, Novosybirskaya, Ylyanovskaya, Penzenskaya, Samarskaya, Bryanskaya and Leningradskaya oblasts, Krasnodarsky region, Republic of Udmurtia, Komi and Belorussia. Its head office is based in Moscow.
Aggregate mineable reserves of Russneft exceed 600 million tons. Annual volume of oil production is 14.5 million tons.
The company employs more than 10 thousand people.
There are large-scale social and charity programs implemented by the company in all regions with its presence under agreements signed with local authorities.
As of the end of 2004, Russneft was among the first three leaders in the oil and gas industry in terms of oil production dynamics, in the rating of the main Russian vertically integrated oil companies.
Vneshtorgbank is the largest commercial bank of Russia in terms of authorized capital, which amounts to RUR 42.1 million. The main shareholder of Vneshtorgbank is the Government of the Russian Federation with an interest of 99.9%.
As of July, 1, 2005, the Bank`s shareholder`s assets amounted to RUR 69.6 billion, its net assets reached RUR 508.2 billion.
Vneshtorgbank is one of the leading lenders of the Russian economy. Investment channeled by Vneshtorgbank into the non-financial sector, as of July 1, 2005, reached RUR 279 billion. Investment into the fuel and energy complex, engineering and trade, including foreign trade, account for the largest share in the Bank`s investment portfolio.
Vneshtorgbank has got the highest rating among the Russian banks awarded by international rating agencies Moody`s Investors Service, Standard & Poor`s and Fitch. Russian rating agencies have also traditionally referred Vneshtorgbank to the high reliability group.