Vnesheconombank’s Regular Supervisory Board Meeting Held

26 мая 2010 года
#Новости
Назад

Russian Prime Minister V.V.Putin Conducts a Meeting of Vnesheconombank’s Supervisory Board

 

The Premier said that although in 2009 VEB diverted considerable funds for implementing crisis management measures; it also carried on operating as the Bank for Development. V.V. Putin expressed confidence that in 2010 VEB’s financial resources would be used most effectively to technologically upgrade Russian industries and generate additional demand for innovations.

 

 

 

 

V.V. Putin’s opening address

Good afternoon esteemed colleagues. Let’s start Vnesheconombank’s Supervisory Board meeting.

First, we are to approve the report on the bank’s performance for 2009. And here I’d like to underline a very important point. The Bank spent considerable resources to implement crisis management measures and in this respect I’d like to say that these measures were quite successful.

At the same time, VEB carried on operating as the Bank for Development. Its investment loan portfolio increased by 77% to 230 billion rubles. Due to the Bank’s financial support 24 new projects were started in power engineering, agriculture and a number of other sectors. VEB launched a 250 billion ruble program to support mortgage lending. This also enabled commercial banks to reduce interest rates on mortgages. Sberbank President German Gref told me that Sberbank had abolished all bonuses and cut mortgage interest rates by 3% on average.

VEB provided considerable support worth 40 billion rubles to small and medium-sized enterprises. And in this respect I would like to say today that VEB’s overall performance can be assessed as positive.

In 2010, Vnesheconombank should also place main emphasis on preparing new investment projects, some of which we’ll discuss today.

For example, we have been offered to extend a long-term credit to build a modern timber deep processing integrated facility at the port of Vanino in the Khabarovsk Territory.

To my best knowledge, the project’s initiators have completed the first stage from the ground up in mid 2009.The second stage is to be completed in the second quarter of 2010.

Vnesheconombank is completing an eleven-billion ruble loan to finance the construction of the third stage, which is expected to increase production facilities and create 500 new jobs.

It should be noted that the investment in timber processing was not VEB’s first investment in the region, specifically, at the port of Vanino. In 2009, the construction of a new sea coal terminal with a designed export capacity of 12 million tons of coal started in Vanino.

Meanwhile, RAO RZhD is actively renovating the railway line from Vanino to Komsomolsk-on-Amur. Recently we held a meeting to discuss the project’s implementation. One of the most important elements of the project is to reconstruct and renovate the Kuznetsovsky Tunnel. It was built as early as in 1945. The new railway line would make it possible to use the Baikal-Amur Mainline to its full capacity.

It is obvious that it is this comprehensive approach to developing territories, infrastructure and natural resources that ensures sustainable development of the Far East in the most effective way.

Let me mention one more transport project. Vnesheconombank is to finance the purchase of two ice-class tankers. These are modern tankers, which our transport companies need badly. They are designed to transport oil produced offshore in the Barents Sea.

The first tanker, Mikhail Ulyanov, has been already delivered to the customer, Sovcomflot. The other tanker, Kirill Lavrov, has been launched and is due to be commissioned soon.

Vessels of this class haven’t been built in Russia before.  They were built with the use of cutting-edge technology and breakthrough innovations. That is to say, VEB’s financial resources will be used to technologically upgrade Russian industries, in this particular case shipbuilding, and will generate additional demand for innovations.

It is these projects that we should focus in the future.

Let’s proceed to our discussion.

Origin: Internet Portal of the Government of the Russian Federation

 

On Decisions Taken by Vnesheconombank’s Supervisory Board

VEB’s profit for 2009 will be used to finance its activity – Dmitriev

NOVO-OGAREVO, May 26 - RIA Novosti. Vnesheconombank’s profit for 2009 will be fully allocated to the state corporation’s funds and used to finance its activity, Vnesheconombank Chairman Vladimir Dmitriev told journalists on Wednesday after the meeting of the state corporation’s supervisory board.

“The profit has been fully allocated to the Bank’s funds and will be used to finance Vnesheconombank’s activity”, said Dmitriev reminding that VEB’s profit for 2009 was 31 billion rubles.

The state corporation’s profit for the first quarter exceeded 20 billion rubles. Dmitriev said that if a decision to reduce interest rates on subordinated loans extended by VEB to Russian banks as part of crisis management measures was taken, the state corporation’s profit from such loans would be reduced by two thirds.

According to him, in terms of profit amount for 2009 the state corporation came out on top among other banks. In terms of profit amount for the first quarter of 2010, the Bank took second if not first place. Reportedly, Vnesheconombank’s net profit for January-March of 2010 was 23.1 billion rubles against 1.1 billion in the same period of 2008.

The Bank’s assets amounted to 1.8 trillion rubles and Vnesheconombank is among the third largest Russian banks.

Dmitriev reminded that incomes of 175 billion rubles from transactions with securities were reinvested and were committed for achieving core objectives.

 

VEB’s Supervisory Board approves the Bank’s participation in projects worth almost 500 Million Euros

NOVO-OGAREVO, May 26, /ITAR-TASS/. Today, VEB’s Supervisory Board approved the Bank’s participation in projects worth almost 500 million euros. Vnesheconombank Chairman Vladimir Dmitriev told journalists that the financing amount for the construction of tankers would be about 240 million euros and that another 250 million euros would be used to finance the construction of a timber processing factory.

VEB will participate in funding the project aimed at purchasing and operating Arctic shuttle tankers by Sovcomflot. The tankers are designed to ship oil, oil products and gas condensate. The main prospective transport route is the Prirazlomnoye oil field /the Pechera Sea/ - Western Europe. Before the start of the oil field’s exploitation, the tankers are expected to be used for shipping liquid hydrocarbons along the shipping line from ports of the Baltics to ports of Western Europe.

A timber processing integrated plant manufacturing chipboards and sawn timber is planned to be built in the Vanino district of the Khabarovsk Territory with a timber processing capacity of up to 1.1 million cubic meters per year. The project is aimed at enhancing natural resources utilization efficiency, promoting Russian industrial exports and boosting the region’s socio-economic development.

VEB to provide Sovcomflot with 240 million euros for purchasing Arctic tankers

Novo-Ogarevo. May 26. INTERFAX-AFI – Vnesheconombank (VEB) is to provide Sovcomflot with 240 million euros for purchasing and operating Arctic vessels designed to ship oil, oil products and gas condensate, VEB Chairman Vladimir Dmitriev told journalists.

V.Dmitriev said that that the Bank’s Supervisory Board approved the Bank’s participation in financing this project on Wednesday.

VEB’s Chairman said that this project was to be financed as part of Vnesheconombank’s leasing business. These vessels are planned to be bought out by VEB-Leasing and then let on time charter to Sovcomflot and Gazprom (PTC: GAZP).

These vessels are planned to be used for shipping oil and gas from the Prirazlomnoye Arctic oil field (the Pechora Sea). But even before the Prirazlomnoye oil field starts to operate, these vessels will be used in other projects. “Even now there is a contract for shipping oil from Murmansk to China”, said V.Dmitriev.

Two tankers Mikhail Ulyanov and Kirill Lavrov were built by the order of Sovcomflot at the shipyards in Saint-Petersburg. The first tanker, Mikhail Ulyanov, has been already delivered to the customer and the second tanker, Mikhail Lavrov, is due to be commissioned in the middle of this year. These vessels’ deadweight is 70 thousand tons.

Sovcomflot is one of the world’s largest maritime shipping companies specializing in natural resources shipping including by Aframax class tankers, petrochemical tankers and ice class tankers. It is a 100% state-owned corporation.

The Company’s earnings under the International Accounting Standards fell by 25% to $1.2 billion in 2009. Net profit almost halved to $217 million.

The Company’s fleet increased by 17 vessels in 2009, including 5 Suezmax-Class tankers and 4 Aframax-Class tankers, to 144 vessels with the total deadweight of 10 million tons.

 

V.Dmitriev believes that Tractornye Zavody’s debts can be restructured and then Vnesheconombank can finance its investment projects

 

NOVO-OGAREVO, May 26. /PRIME-TASS/. Vnesheconombank Chairman Vladimir Dmitriev believes that Tractornye Zavody’s debts can be restructured and then Vnesheconombank can finance its investment projects. He told journalists about it after the Bank’s Supervisory Board meeting where they discussed restructuring Tractornye Zavody’s debts.

“In our opinion and in accordance with the decisions taken by our Supervisory Board an issue of restructuring debts to commercial banks would be dealt with appropriately. Taking into account commercial banks’ positions, Vnesheconombank considers it possible to restructure the corporation’s debts and provide funds for implementing the corporation’s investment projects”, said V.Dmitriev

 

Назад

Vnesheconombank’s Supervisory Board Regular Meeting Held

31 марта 2010 года
#Новости
Назад

Russian Prime Minister V.V. Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board

As V.V. Putin said at the meeting that the Bank for Development was one of the most important participants in implementing the Government’s crisis management measures and made it possible to provide urgent assistance to the banking sector, the stock market and system-forming enterprises of the real economy. The Prime Minister also added that Vnesheconombank did its best to help its borrowers by extending balanced interest rates on credits, restructured former debts if required and acted guided by long-term objectives of Russia’s economic development.

V.V. Putin’s Opening Address

Esteemed Colleagues, today we’ll hear out Vnesheconombank’s report for 2009, approve its budget parameters for 2010 and consider a number of projects in which Vnesheconombank participates.

I’d like to say that in 2009, the Bank for Development was one of the most important participants in implementing the Russian Government’s crisis management measures, made it possible to provide urgent assistance to the banking sector, the stock market and system-forming enterprises of the real economy. The Bank’s employees performed this intensive work professionally. They carried out decisions efficiently and timely and provided the Government with considerable expert support.

Many measures carried out with the Bank’s assistance have already achieved their objectives and have been suspended and all the funds committed by the state have been returned in full. For example, VEB has already returned 175 billion rubles to the National Wealth Fund. The Bank used the funds to support the Russian securities market in the most difficult period in autumn of 2008, and in doing so it paid interest on them to the federal budget.

Additional incomes from these transactions in the amount of 54.7 billion rubles would be largely used to implement the plan that we announced under the affordable mortgage lending program.

The program aimed at refinancing Russian companies’ debts to foreign creditors was also carried out in accordance with the existing plans. I’d like to remind you that we had performed this work in order to prevent Russian companies’ strategic assets from being diverted to foreign financial institutions due to refinancing problems under the conditions of the global financial and economic crisis. Well, then, the borrowers have already returned 4 billion rubles to VEB out of more than 11 billion they had received.

In general, VEB is taking an active part in stabilizing the banking system. The total amount of subordinated loans extended by the Bank of Development to other credit institutions was 404 billion rubles. Thanks to these loans, commercial banks received additional resources for financing the real economy.

Moreover, Svyaz-Bank’s and Globex Bank’s solvency was restored. The banks were placed under VEB’s control when they were virtually in a state of bankruptcy. At present, Vnesheconombank’s specialists are implementing strategies of their development. Specifically, today we are going to be told about the choice of a partner bank for a new project aimed at establishing a Postal Bank on the basis of Svyaz-Bank jointly with the Post of Russia.

Vnesheconombank participated directly in the financial restructuring of a number of major companies such as the United Aircraft Building Corporation and the Amurmetall Plant. VEB contributed 21 billion rubles to the United Aircraft Building Corporation’s charter capital and became an owner of 11% of its shares. And in December of 2009, an Agreement was signed on financing the Amurmetall plant for an amount of 2.2 billion rubles. The first tranche of 400 million rubles has been already transferred.

And I’d like also to say that despite the additional workload associated with crisis management measures Vnesheconombank carried on undertaking its core activity as a Bank for Development.

The amount of newly extended credits to the real economy was 123 billion rubles. The Bank extended guarantees worth 34 billion rubles under the innovative products support program. In 2009, 40 billion rubles were committed to small and medium-sized enterprises.

VEB started to finance such meaningful projects as the reconstruction of the Koltsovo airport in Yekaterinburg, the construction of an export terminal for coal transportation in the port of Vanino in the Far East and the construction of the Urengoy Electric Power Station in the Tyumen region.

Vnesheconombank is taking an active part in financing Olympic facilities.

Another important point to mention is that Vnesheconombank did its best to help its borrowers by extending balanced interest rates on credits, restructuring former debts if required and acted guided by long-term objectives of Russia’s economic development.

In doing so, Vnesheconombank performed pretty well, formed sufficient significant reserves to maintain its financial sustainability. In 2009, the Bank’s net profit amounted to 31 billion rubles. This is quite comparable to our leading credit financial institutions such as, for example, Sberbank.

It’s evident that it’s high time today to boost activities related to post-crisis economic recovery and modernization to support innovations and high-technology exports.

Our today’s agenda includes a number of such issues. In particular, we have to approve the opening of a credit line to finance the construction the Ekibastuz Power Station’s third power unit.

I’d like to stress that VEB’s credit resources in the amount of 12 billion dollars would be used to purchase domestic power-engineering equipment and it means that we’ll provide the Russian machine-building complex with guaranteed orders.

Moreover, the implementation of this project would help to reintegrate the energy systems of Northern Kazakhstan and Russia’s Southern Siberia and create additional opportunities for these regions’ comprehensive development.

Our next investment project is aimed at constructing a polypropylene manufacturing complex in Tobolsk. This is a large-scale strategic complex influencing directly the future of our chemical industry by raising its technological level and expanding opportunities for deep processing of raw materials.

We’ll also discuss the strategy of Vnesheconombank’s participation in upgrading the Sheremetjevo Airport.

Let’s get started with our work.

Origin: Internet-Portal of the Government of the Russian Federation

 

On Decisions made by Vnesheconombank’s Supervisory Board

 

VEB expects net profit in 2010 of about 20 billion rubles

Moscow, March 31, INTERFAX – VEB expects net profit in 2010 of about 20 billion rubles under Russian accounting standards, VEB Chairman Vladimir Dmitriev said following a meeting of the Bank’s Supervisory Board.

Moreover, the Supervisory Board approved opening a 12-billion ruble credit line for the Ekibastuz State District Power Station to support Russian exports of power engineering equipment.

 

Vnesheconombank selects partners for establishing a Postal Bank on the basis of Svyaz-Bank

NOVO-OGAREVO, March 31, /PRIME-TASS/. Vnesheconombank has selected partners for establishing a Postal Bank on the basis of Svyaz-Bank (SVZ01), Vnesheconombank Chairman said following a meeting of the Bank’s Supervisory Board.

According to him, Vnesheconombank has selected UniCredit Bank, Russian Standard Bank, Nomos-Bank (NMOS03) along with HomeCredit Bank to further participate in this project.

V.Dmitriev said that within a period of 3 months a financial model for creating a Postal Bank would be provided and Vnesheconombank would decide on its main partner in implementing this project.

 

On approving Vnesheconombank’s participation in the construction of a polypropylene complex in Tobolsk

Moscow. March 31. INTERFAX – VEB’s Supervisory Board approved on Wednesday an investment application for constructing a polypropylene production complex in Tobolsk, VEB Chairman Vladimir Dmitriev told journalists about it.

According to him, the total amount of financing the program of constructing an associated petroleum gas processing gas-chemical plant would be 1.5 billion dollars.

Speaking about this complex earlier, Russian Prime Minister Putin said that “it was a major strategic project directly influencing the future of our chemical industry, increasing its technological level and boosting the potential for deep processing of raw materials”.

 

On making a decision on centralized management of Terminal D in Sheremetjevo and creating a single operator

NOVO-OGAREVO. March31. /PRIME-TASS/. Vnesheconombank’s Supervisory Board made a decision to centralize the management of terminal D in the Sheremetjevo airport and create a single operator. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it following a meeting of VEB’s Supervisory Board.

He said that Vnesheconombank would participate in financing the creation of a major hub.

V.Dmitriev added that consultants would determine a model of unifying the existing legal entities involved in the management and that a single operator would be created to be responsible for managing Terminal D and the Sheremetjevo airport.

V.Dmitriev added that the financial model examined preliminarily gave us real confidence that the current debt of 1.5 billion would be serviced and repaid.

He added that a consultant to assist in determining a financial unification model has not been identified.

Answering a question if VEB would be able to get a stake in exchange for debts in Sheremetjevo V.Dmitriev said that they were not discussing this issue for the time being. In his opinion the debt could be restructured but this possibility would be considered in the course of working out a financial unification model.

 

VEB is close to signing an agreement on restructuring debts of Tractornye Zavody Corporation.

NOVO-OGAREVO, March 31. /PRIME-TASS/. Vnesheconombank is close to signing an agreement on restructuring debts of Tractornye Zavody Corporation. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it following a meeting of VEB’s Supervisory Board.

He also added that today Vnesheconombank’s Supervisory Board approved its participation in the toll motorway Moscow – St. Petersburg (section 15-58 km) construction project. According to him, VEB will participate in this project together with Sberbank (SBER), both banks’ stakes in this project are equal.

 

Назад

On Vnesheconombank’s Supervisory Board Decisions

3 марта 2010 года
#Новости
Назад

Under the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending Projects in 2010-2012, the Supervisory Board approved the mechanism for refinancing mortgage credits through investing a funded portion of the labour pension and Vnesheconombank’s own funds in mortgage-backed bonds in order to encourage mortgage lending and make it more affordable to the general public. A decision was also taken to invest funds in the total amount of 250 billion rubles on the following terms:

  • Vnesheconombank’s own funds to be invested in mortgage-backed bonds in the amount of up to 50 billion rubles at a coupon rate of 3% per annum under the bonds at prices no more than the par value;
  • Pension savings funds managed by Vnesheconombank acting as the state trust management company to be invested in mortgage-backed bonds in the amount of 100 billion rubles at a coupon rate of no more  than9% per annum under the bonds at prices no more than the par value;
  • Pension savings funds managed by Vnesheconombank acting as the state trust management company to be invested in the Housing Mortgage lending Agency’s bonds guaranteed by the state  in the amount of up to 60 billion rubles at a coupon rate to be set on the basis of market conditions;
  • Funds of the National Wealth Fund to be committed to Vnesheconombank subject to Federal Law dated October 13, 2008, №173-FZ to finance the Housing Mortgage Lending Agency’s credit line in the amount of up to 40 billion rubles at an interest rate of 9.5% per annum for a period of up to June 1, 2020.

A decision was made to approve “Requirements to Bonds including Mortgage Backed Bonds and to Mortgage Coverage of Bonds to be Purchased under the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage Lending Projects in 2010-2012”.

A decision was made to approve “The Procedure for Cooperation between State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Housing Mortgage Lending Agency, Vnesheconombank’s Investment Company (VEB Capital) and Credit Institutions and Mortgage Agencies in Implementing the Program of Vnesheconombank’s Investments in Affordable Housing Construction and Mortgage lending Projects in 2010-2012”.

The Supervisory Board approved extending guarantees as a security of VEB Capital’s liabilities under Agreements on Providing Services on Arranging Bond Issues to be concluded under the Program in favor of mortgage- backed bonds issuers for a total amount of 150 billion rubles with a validity period of no more than three years. Terms of issuing Vnesheconombank’s guarantees, changes in the terms and other terms of the Bank’s participation in this project are to be approved by Vnesheconombank’s Management Board.

VEB Capital together with the Housing Mortgage Lending Agency were assigned to prepare a format for reporting on the progress of extending housing and mortgage credits under this Program to be submitted for consideration by the Supervisory Board.

 

Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

Назад

On Decisions Taken by Vnesheconombank’s Supervisory Board

18 декабря 2009 года
#Новости
Назад

The following decisions were taken at Vnesheconombank’s Supervisory Board meeting on December 17, 2009:

  • Vnesheconombank’s Supervisory Board approved the strategy of OJSC Svyaz-Bank’s development. The strategy provides for establishing a Russian Federation Post Bank with the participation of the Post of Russia and a partner bank. The Board decided to form a working group comprised of representatives of interested ministries, the Bank of Russia, the Post of Russia and Vnesheconombank to prepare a complex of events to set up a Post Bank.
  • The Board made a decision providing for Vnesheconombank to extend a subordinated loan worth 16 billion rubles to OJSC Svyaz-Bank under Federal Law № 173 “On Additional Measures for Supporting the Financial System of the Russian Federation”.
  • The Supervisory Board acknowledged the report on Vnesheconombank’s activity on extending subordinated loans to Russian lending institutions under Federal Law № 173 “On Additional Measures for Supporting the Financial System of the Russian Federation”. This program is acknowledged as having been completed.
  • Vnesheconombank’s Supervisory Board agreed upon purchasing the OJSC United Aircraft Corporation’ shares by Vnesheconombank for an amount of up to 21 billion rubles.
  • The Supervisory Board approved Vnesheconombank’s participation in financing the project aimed at reconstructing and modernizing the Khabarovsk Oil Refinery. The project’s total value is 1.3 billion US dollars. The Project is to be financed through using Vnesheconombank’s credit resources and shareholders’ own funds. Vnesheconombank’s credit is to be fully refinanced by the Spanish Export Insurance Agency CESCE.
  • The Board made required decisions providing for Vnesheconombank jointly with SNC-Lavalin to create a specialized engineering company VEB-Engineering (LLC) to monitor investment projects of national significance implemented by Vnesheconombank.
  • The Board made required decisions to establish a specialized VEB Capital Company (LLC) designed to effectively manage Vnesheconombank’s assets.

 

Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

Назад

Vnesheconombank’s Supervisory Board Regular Meeting Held

17 декабря 2009 года
#Новости
Назад

Russian Prime Minister V.V. Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board.

V.V. Putin’s Opening Address

Good afternoon, Esteemed Colleagues!

At today’s Vnesheconombank’s Supervisory Board meeting we’ll hear out a report on implementing the Government’s crisis management measures and discuss a number of new investment projects.

As you know, Vnesheconombank played a prominent role in supporting our country’s banking system in the crisis period and continues to play this prominent role. The Bank also extended subordinated loans worth 388 billion rubles to 16 commercial banks that went through a selection procedure and undertook to increase financing amounts to end borrowers at interest rates affordable for enterprises.

Our latest arrangement was the Central Bank’s refinancing rate plus three percent. I am not sure that all this was effective and implemented in due time but I nevertheless hope this played a positive and stabilizing role in the most difficult period of time.

Given that subordinated loans were extended for a period of 10 years, these additional financial resources would support business activity in the economy in the future.

In this respect, I’d like to place particular emphasis on the Government’s joint efforts designed to support the country’s banking sector in the crisis period. As opposed to the said events during the 1988 crisis we succeeded in preventing the collapse of the banking system and bankruptcy of our largest financial institutions. I think that everybody remembers quite clearly that in 1988 all the largest commercial banks that looked like giants and absolutely reliable giants, namely, Incombank, Imperial, ONEXIM Bank all but ceased to exist.

I think that owners did not suffer much but depositors, citizens lost a considerable part of their deposits in these financial institutions. We managed to prevent this worst-case scenario and supported all those who were viable. We defended the interests of depositors and above all citizens of the Russian Federation.

And those banks that proved to be in the most complicated situation and failed to overcome this complicated situation on their own – there were 18 such banks – were transferred for a symbolic payment, sometimes for 1 ruble, into the state system of the Deposit Insurance Agency.

This measure is designed to reorganize these financing institutions, to consolidate them and create viable banking institutions for them to be able to continue working normally with economic players, with natural and legal entities.

Today, we have to determine the future of Svyaz-Bank.

Like a number of other lending institutions it failed to resolve on its own the problems that emerged. And for this reason, it was transferred under Vnesheconombank’s management. Vnesheconombank fully restored the Bank’s solvency for a short period of time.

Our task now is to work out a strategy of Svyaz-Bank’s development as well as terms on which we are ready to engage partners into this project.

Moreover, we have to take a decision on committing 21 billion rubles to the United Aircraft Construction Corporation’s charter capital. We have been discussing this issue for a long time, it took several months to prepare the decision, it was thrashed out thoroughly and we should take it today.

This is targeted money designed to financially rehabilitate the company and enable it to make payments to its creditors and suppliers.

At the start of the next year, the company is to receive additional 10.7 billion dollars from the federal budget. And this money will be used not to fill in the gaps but to manufacture new civil aircraft, domestic aircraft.

We’ll also consider proposals for financing a new investment project in the Far East; this project is aimed at reconstructing the Khabarovsk oil refinery.

There are plans to fully upgrade this production facility, which is of great importance for the region, and introduce there the most advanced and environmentally friendly technologies and make it possible to manufacture engine fuel meeting the highest standards: Euro-4 and higher. The project’s total value is 1.3 billion dollars.

I would like to remind you that at our previous Supervisory Board meetings we made decisions on establishing Vnesheconombank’s subsidiary institutions to manage its assets as well as a specialized engineering company. Its main task is to conduct expert’s examination of project documentation, monitor thoroughly the implementation of investment projects and, if necessary, take measures against non-targeted and inefficient use of Vnesheconombank’s credit resources.

Today, we’ll discuss and approve documents that will make it possible for VEB-Capital and the engineering company to start operating.

 

Origin: Internet-portal of the Government on the Russian Federation

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