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VTB — Bank and RAO UES Of Far East Sign Cooperation Agreement

VTB Bank and RAO Unified Energy Systems of Far East signed a cooperation agreement, the credit organization’s press service reports.

The agreement presupposes the possibility of VTB Bank carrying out complex bank service for the energy holding and its companies, as well as funding projects in the sphere of international energy cooperation. On the part of VTB the agreements was signed by the president and the chairman of the managing board Andrei Kostin, on the part of «РАО Энергетические системы Востока» — by Director General Ivan Blagodyr’.

According to the terms of the signed contract VTB is to take part in the development of funding products and realization of the company’s investment projects, improvement of international and domestic accounting operations of the company and financing its export-import operations. Apart from that the bank is also ready to provide consulting and information services for the holding in the spheres of banking, investment and finance.

RAO Unified Energy Systems of Far East was created on July 1 2008 as a result of RAO UES of Russia reorganization and is operating in all the regions of the Far Eastern Federal District. The main direction of the company’s activity is managing energy companies in order to efficiently satisfy the demand for electricity and heat in the Far Eastern Federal District and adjacent territories. The responsibility area RAO Unified Energy Systems of Far East comprises 36% of the territory of Russia and includes 9 regions: Respublika Sakha/Yakutiya, Kamchatka, Primorskiy and Khabarovsk Territories, Amurskaya, Magadanskaya and Sakhalinskaya regions, Jewish autonomous region and Chukchi Autonomous Okrug. According to the company’s report in 2010 the enterprises belonging to the holding produced 27.563 billion kilowatt-hours of electrical energy and 30.210 million gigacalories of heat.

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