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Vneshtorgbank and Novorossiysk shipping company sign a Cooperation Agreement

29 September 2006

Vneshtorgbank and JSC Novorossiysk shipping company (Novoship) signed a Cooperation agreement specifying major guidelines of developing mutually advantageous partnership between the Parties.

The Agreement, in particular, provides for cooperation in such spheres as VTB comprehensive banking servicing of Novoship, its subsidiaries and dependent associations, servicing of its foreign-economic activity, and besides, offering advisory and information services under joint projects.

Within the framework of the Agreement, the Parties are intent to apply modern technologies of corporate finance management, and further develop the system of international and internal settlements.

Igor Zavyalov, Deputy Chairman of Vneshtorgbank and Sergey Terekhin, President of JSC Novoship signed the Agreement.

For reference:

The Novorossiysk shipping company is the largest Russian navigation company. Its major activity is sea transport. The company`s fleet consists of 61 modern vessels with total deadweight 3.8 mln tons with average ages of about 10 years. Novoship consists of 13 subsidiaries operating offshore and coast business throughout the South of Russia.

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