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ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

Rosneft and VTB Bank sign strategic partnership agreement

Friday, June 22nd, 2012

Rosneft and VTB Bank have today concluded a strategic partnership agreement. The document was signed by Igor Sechin, Rosneft President and Chairman of the Management Board and VTB Bank Chairman and CEO Andrey Kostin at the St Petersburg International Economic Forum.

The agreement covers various types of services in corporate finance and investment banking as well as a five-year RUB 100 bln credit line to be extended to Rosneft to finance regional projects.

Commenting on the agreement Igor Sechin said: «Rosneft is the leader of the Russian oil and gas sector with operations across Russia’s largest oil-producing regions. We are happy to have secured support from such reliable partner as VTB Bank».

VTB Bank Chairman and CEO Andrey Kostin said during the ceremony: «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».

Source

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