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VTB Bank and JSC Sovcomflot sign a Cooperation Agreement

 
25 July 2007

VTB Bank and JSC Sovcomflot have signed a Cooperation Agreement, which sets forth basic lines for further development of mutually regarding cooperation between the Parties.

For VTB the Agreement was signed by Andrey Kostin, Chairman and CEO of the Bank, for JSC Sovcomflot - Sergei Frank, General Director of the company.

The Agreement envisages cooperation between VTB and JSC Sovcomflot in solving current and strategic tasks. In particular, the Parties will improve and develop the system of international and internal settlements of JSC Sovcomflot and introduce modern technologies for financial resources management in order to increase the efficiency of the shipping company's activity. Under the Agreement, VTB will provide for JSC Sovcomflot lending and financing of current business and investment projects.

Besides, the Parties agreed to mutually provide consulting services in banking and finance. In particular, JSC Sovcomflot will advise the Bank on the issues related to ship industry financing, ship valuation and shipping investment projects. At the same time, VTB will help the company in arranging financial projects on its corporate development and making transactions both in the Russian and international financial markets, including securities trading.

According to the arrangements made by the Parties, the Agreement terms will apply to the companies within the JSC Sovcomflot group. VTB Group subsidiaries will be also invited.

VTB actively cooperates with water transport companies. Now that the Agreement is signed, the Parties have received reliable partners able to efficiently meet the challenges ahead.

For reference:
JSC Sovcomflot is the largest national sea carrier fully owned by the government. The company holds a fleet of 67 vessels with dead-weight over 4.2 million tons (including 12 chemical carriers in joint ownership with JSC Novoship). JSC Sovcomflot is focused on sea transportation of fuel, and also engaged in large-scale Russian industrial projects, namely, Sakhalin-1, Sakhalin-2, Varandei and Prirazlomnoe.


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