VEB and Spanish Export Credit Agency agree to support the modernization of Khabarovsk refinery

abarrelfullabarrelfull wrote on 21 Oct 2013 10:47

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March 3, 2009

Today in Madrid, the Russian Vnesheconombank (VEB) and the Spanish Export Credit Agency (CESCE) announced their plans to bilaterally support the modernisation of the Khabarovsk refinery. The parties signed a memorandum of understanding to develop the project involving trade and investment relationships between business entities from their respective countries where participation might be bilaterally beneficial.

VEB and CESCE recognised the strategic importance of the project for the Russian Far East and Spanish exporters. Both state entities expressed their support of the long term funding requirements for the project as the priorities are in line with current governmental investment initiatives.

“The refinery upgrade is our most significant capital project. VEB and CESCE acknowledge the importance of this project for the cooperation of businesses in Russia and Spain. This also proves that for good projects good support is available. In light of today’s announcement, our efforts to secure long term financing for the project, despite the turbulent financial markets, seem to have been fruitful.” said Arsen Idrisov, West Siberian Resources Managing Director.

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