Rosneft and Vnesheconombank Sign Memorandum on Cooperation

abarrelfullabarrelfull wrote on 26 Sep 2012 07:17

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On February 4, OJSC Rosneft and State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ signed a Memorandum on Cooperation.

The Memorandum provides for the two sides to jointly participate in carrying out projects aimed at developing infrastructure, innovations and diversifying business associated with the production and export of oil and deeply processed petroleum products.

Under the Memorandum Vnesheconombank is to conduct financial analysis of such Rosneft’s capital-intensive projects as the reconstruction of the Tuapse Reinery and the construction of an oil main pipeline from the Vankor field to Transneft’s system in the Yamalo-Nenets autonomous district (Purpe) and is to participate in working out schemes for raising funds to finance these projects.


The Vankor-Purpe oil pipeline is 543 kilometers long. It will connect the Vankor field in the Krasnoyarsk Territory to Trasneft’s system of main pipeline sin Western Siberia. This will allow to transport raw materials produced in Vankor to the Asian-Pacific region countries’ markets through the Western Siberia- Pacific Ocean oil pipeline. The implementation of the project would contribute to the Krasnoyarsk Territory’s economic growth, closer integration of its northern territories with the regional centers of economic development and increased inflow of private investments to related industries of the region.

The large-scale reconstruction of the Tuapse refinery carried out by Rosneft is basically the creation of a new high-technology oil refining facility with a capacity of 12 million tons of oil a year. The first stage of work is to be completed in 2010, the second stage – in 2012. After reconstruction is completed the Tuapse refinery will become one of the most state-of-the art refineries in the Russian Federation with a refining depth of 95%.

Commenting on the signing of the Memorandum Rosneft President Sergei Bogdanchikov said that the implementation of the projects provided for by the Memorandum would enhance national and global energy security. In his turn, Vnesheconombank Chairman Vladimir Dmitriev said that VEB was ready to lend its support for Rosneft’s projects provided that they were in line with the Memorandum on the Bank’s Financial Policy and added that the Bank would start work on their comprehensive expert’s examination in the near future.

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