Gazprom ready to sign large-scale credit agreement with International Industrial Bank

Chief Executive Officer of Gazprom Alexey Miller held a meeting with ChiefExecutive Officer of the International Industrial Bank Sergey Veremeyenkoand member of the Russian Federation Council Sergey Pugachev on September2. Its results can be considered sensational. Gazprom is ready to sign alarge-scale credit agreement through 2005 with the bank. The market hasalready shown its reaction to this: Gazprom's capitalization lost $750mover half a day. The negotiations between Gazprom and the bank were held inthe morning. The sides comment on the outcome of the negotiationsdifferently. First, Gazprom's press service made an announcement that thenegotiations had been held between Mr. Miller and Sergey Pugachev, who forsome unknown reason was declared "the President of the InternationalIndustrial Bank". The bank doesn't have any President, and Mr. Pugachevrepresents the Republic of Tuva in the Federation Council. Press secretaryof the bank Sergey Samoshin specified that Sergey Veremeyenko was the one,who met with Miller. At the same time, Miller's press secretary NatalyaSelivanova declared that the previous announcement was not a mistake - "thelast name was given right." According to information of the Kommersantnewspaper, Pugachev and Veremeyenko both met with Alexey Miller. The topicof the negotiations is more interesting. Gazprom's press service reportedthat a collaboration agreement for 2002-2005 was being elaborated on by thegas giant and the bank. In particular, the bank will be financing thefollowing spheres of Gazprom activities: the preparation of gas reservesfor the upcoming fall-winter season, the establishment of a billing systemfor gas buyers from the countries of the Commonwealth of the IndependentStates (CIS), the organization of equipment and truck supplies usingleasing options, the program of restructuring the company's liabilities aswell as the organization of the Fuel and Energy Resources Exchange..

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