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Vneshtorgbank and Zarubezhenergoproekt sign a cooperation agreement

12 October 2006

Vneshtorgbank (VTB) and Zarubezhenergoproekt have signed an agreement on cooperation governing main lines of partnership between the parties within the framework of joint implementation of projects in the thermal power industry.

Igor Zavyalov, VTB Deputy Chairman of the Board, and Leonid Kulebyakin, Zarubezhenergoproekt Director General, signed the agreement.

The agreement sets forth VTB`s involvement in delivering comprehensive banking services to Zarubezhenergoproekt and financing its ongoing and investment projects, including those implemented together with VTB-Leasing (VTB-owned leasing subsidiary), and through funding raised from international financial institutions. Subject matter of the agreement is cooperation in placing the company`s securities in domestic and international markets.

Also, cooperation of the parties suggests consulting services in favour of Zarubezhenergoproekt on investment into modernisation, rehabilitation, renewal and construction of thermal power installations in Russia and abroad, and joint efforts in selecting projects in thermal power industry for possible involvement of Vneshtorgbank. In addition, the Bank will carry out financial expertise of joint projects and develop financial terms and conditions regulating cooperation of the company with Russian and foreign partners.

For reference:

Zarubezhenergoproekt is one of the leading design enterprises engaged in designing power generation facilities intended for supplies of thermal and electric power to industrial enterprises and utility units. Power generation projects with Zarubezhenergoproekt`s involvement are presently operated in Greece, Iran, ex-Yugoslavia countries, Kyrgyzstan, Yemen, India and other regions. The company focuses, in particular, on design engineering of thermal power plants within international consortiums where Western giants such as ABB, Alsthom Power, Siemens and others take part.

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