RussNeft and Vneshtorgbank to Have Signed a Cooperation Agreement.

According to the statement issued by the Oil Company the agreement provides for cooperation in a number of spheres including packaged bank service for RussNeft; formation of short-term credits, backing current activities of the Company; financial provision of RussNeft import operations, related to purchase of equipment, improvement and development of the Company’s international and internal settlements system.
Moreover, in the framework of the signed agreement Vneshtorgbank shall take part in accomplishing current and strategic goals of RussNeft, improve bank service for the Company’s operation, use the latest financial management technologies aimed at increasing efficiency of the Joint-Stock Company’s operation, furnish advice and information on banking and financing.
NK RussNeft OAO is a vertically integrated oil holding company. It structures 25 producing, refining and transport companies, a retail network of petrol stations located in 13 regions of Russia and CIS.
The geography of RussNeft activities covers Western Siberia, Tomsk, Novosibirsk, Ulyanovsk, Penza, Samara, Bryansk and Leningrad regions, Krasnodarsky krai, Udmurtia, Komi, Belarus. The company’s head office is found in Moscow. The total recoverable reserves of RussNeft exceed 600 million tons. The annual oil output has reached 14.5 million tons.
Vneshtorgbank is a first-rate commercial bank of this country in view of its chartered capital amounting to 42.1 billion rubles. The main shareholder of Vneshtorgbank with a stake of 99.9% is the Government of Russian Federation.
As of the 1st of July 2005 Vneshtorgbank’s own means amounted to 69.6 billion rubles with its net assets equaling 508.2 billion rubles. Vneshtorgbank is one of the leading creditors of Russia’s economy. On the 1st of July 2005 Vneshtorgbank’s credit investments in non-financial sectors of Russia’s economy totaled 279 billion rubles. The bulk of the credit investments accounts for Fuel and Energy Complex, machine-building, internal and external commercial establishments.