15.02.2007 // Press service of Techstabexport/PR Deparment of Gazprombank

Director General of Techstabexport OJSC Vladimir Smirnov and Chairman of the Board of Gazprombank CJSC Andrey Akimov have signed a general agreement on cooperation

The agreement specifies the key directions of the companies’ cooperation in the financial-credit sphere. Particularly, Gazprombank will finance Techsnabexport’s investment programs for increasing exports, enlarging the sales of uranium products and developing the raw material basis due to investments in the mining complex and the CIS and foreign uranium-extracting enterprises. 

Besides, Gazprombank will advise Techsnabexport on establishing daughter companies, developing strategies on the capital market and increasing capitalization.

The cooperation will allow Techsnabexport to diversify its financial sources for developing peaceful nuclear power engineering, elaborating long-term development strategies and enhancing its efficiency.

Gazprombank has been fruitfully cooperating with nuclear power companies since 2000 and with Techsnabexport — since 2002.

Gazprombank regards Techsnabexport as its biggest client, reliable borrower and partner.

In 2006 Gazprombank lent Rosatom companies a total of $1.1bln.

Presently, the bank’s credit ceiling with Techsnabexport is almost $350mln, but in the future it may be raised to $0.5bln.

Among the bank’s clients are the biggest Rosatom companies: Rosenergoatom, TVEL, Atomstroyexport and many distributing and processing enterprises.

With Techsnabexport Gazprombank is carrying out projects for production of equipment for Rosatom companies, leasing programs, projects for developing uranium extraction companies, increasing their operating assets, foreign trade financing programs. With Techsnabexport and TVEL the bank is actively involved in the implementation of the plans for the development of Uranium Mining Company.

Techsnabexpor OJSC, known in the world under TENEX brand, was set up 40 years ago. It is the world leading producer of nuclear fuel cycle products and services. For over 20 years it has been a full member of World Nuclear Association. In 2006 its exports totaled $2bln. It has daughter companies in Japan, Germany and South Korea and joint uranium extraction projects in Kazakhstan. The company controls a number of big industrial assets in Russia.

Gazprombank CJSC is the authorized bank of Gazprom. It is one of the three biggest banks of Russia in all key figures.  

As of Sept 11 2006, Standard and Poor’s and Moody’s Investor Service assigned BB (positive outlook) and Baa2 respective ratings to the bank. 

Gazprombank has over 300 service outlets in 48 regions of Russia.

The bank offers a wide range of services to corporate and private clients.

According to Bloomberg, Gazprombank was the 4th among RUR bond underwriters in 2005 and the 1st in the first quarter of 2006.