Chairman of the Executive Board of Vneshtorgbank Andrey Kostin and President of LUKoil Vagit Alekperov signed an agreement about strategic partnership today. In particular, Vneshtorgbank and the Russian oil giant agreed on cooperating in financing LUKoil's program aimed at developing an oil product supply network in the regions of Russia in order to achieve the maximum economic and social effect of the program implementation.
According to the agreement, Vneshtorgbank will assign a strategic client status and provide the entire range of banking services, including accounting, document conversion operations and non-trade operations to LUKoil. Additionally, Vneshtorgbank will provide services to the oil company aimed at attracting foreign creditors to finance the current activities and investment projects of the oil company. LUKoil, in its turn, pledges to use Vneshtorgbank as one the credit institutions handling the oil company's financial flows.
As Alekperov said at the agreement signing ceremony, the total volume of LUKoil's investments into the company's top-priority projects will amount to around $5 billion within the next five years. Among the top-priority guidelines of the company the LUKoil's President listed the exploration of oil and gas areas in the North of the Caspian Sea and in the Timano-Pechora region as well as gas production at the deposits of the West Siberia. The LUKoil's President was quoted as saying that the overall volume of credits to be granted by Vneshtorgbank to LUKoil this year may total around $160 million, of which $30 million will be provided for purchasing a gas refilling station network in the Chelyabinsk region of Russia.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969