Russian bank subsidiary signs Iraq supply deal
11 Oct 2002

A major Russian company has sealed one of the largest Iraqi oil supply deals in the history of the oil-for-food programme. A major Russian company has sealed one of the largest Iraqi oil supply deals in the history of the oil-for-food programme. Alfa-Eco, a subsidiary of Alfa Bank, one of Russia's largest private banks, has been a regular buyer of Iraqi oil, but has now signed a deal for 20m barrels, which sources said was one of the largest in the history of the six-year programme. Baghdad is eager to strengthen ties with Moscow, one of its top allies on the UN Security Council. Global oil prices slipped. November Brent was trading at $27.50, down by 63(Cents) . Nymex crude for November delivery was at $28.65, 70(Cents) lower. Prices had retreated to their lowest level in three weeks as the prospect of a US war against Iraq appeared to recede and supplies looked healthy, according to dealers. Opec cheating had kept prices off the $30 mark as cartel states produced 2.33m bpd over quota, a Reuters survey found this week. CONTACT:newsdesk@businessam.co.uk

A1

The investment policy of A1 is focused on the investment of its own assets and those assets of its partners and shareholders in the growing Russian and CIS markets.  А1’s capabilities allow it to efficiently implement all types of projects typical of large direct investment funds: leveraged buy-outs (LBO); growth strategy financing; acquisition of undervalued assets; corporate restructuring and portfolio company development; strategic investor alliances; acquisition of financially distressed companies and crisis management;  conflict resolution and others. A1’s long-term interests are aimed at establishing strong and competitive businesses, producing modern and very high quality goods and services to satisfy Russia’s growing demand, and developing efficient organizational and management systems.

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