Sberbank and Transneft sign agreement

Sberbank and Transneft have signed an agreement on intentions in the sphere of financing investment projects and programs totaling up to $900m, Sberbank President Andrey Kazmin declared today. According to the signed document, in June 2003 Sberbank will give credits to Transneft worth 10bn rubles ($323m) to finance the project aimed at enlarging the capacity of the Baltic Pipeline System. By the end of 2003, financing can be raised to 16.8bn rubles ($542m).

Kazmin admitted that this had been one of the largest investment credits provided by Sberbank. The bank is going to continue cooperation with Transneft in investment projects, he added.

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