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.
President Joe Biden will soon regurgitate on the public the words of George W. Bush uttered in 2002