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VTB Bank and Rosneft, Russia’s largest oil company, signed a strategic partnership agreement on corporate finance and investment banking services during a meeting at the St. Petersburg International Economic Forum.
The agreement was signed on behalf of VTB Bank by Andrey Kostin, President and Chairman of the Management Board, and on behalf of Rosneft by President and Chairman of the Management Board.
In addition to closer ties in corporate finance and investment banking, under the agreement VTB Bank will make available to Rosneft a RUB 100 billion 5-year credit facility to finance the company’s regional projects.
During the signing ceremony Andrey Kostin said: “VTB’s partnership with Rosneft is based on long-term and mutually beneficial cooperation. Financing the leader of Russia’s oil industry is a good example of the support that VTB provides to the real sector of the Russian economy”.
Rosneft is a leader of Russian oil industry and one of the world’s top publicly traded oil and gas companies. The company is primarily engaged in exploration and production of oil and gas, production of petroleum products and petrochemicals, and marketing of outputs. Rosneft has been included in the Russian Government’s List of Strategic Enterprises and Organizations. The company’s major shareholder (75.16%) is OJSC ROSNEFTEGAZ, which is 100% owned by the state.
Author: Irina Fomina
