Strategic Cooperation Agreement Between Alfa Bank and Gazprom
19 Sep 2002
The cooperation agreements envisage the implementation of joint projects, including the provision of short-term financing to Gazprom to cover the company’s cash requirements, the management of its balance of payments and the opening of deposit accounts at Alfa Bank to temporarily hold Gazprom’s uncommitted resources, together with the participation of Alfa Bank in project financing schemes for Gazprom. It was agreed that the bank would open credit lines to Gazprom maturing in 2004 and beyond.
The cooperation will be launched with the signing of a US$ 150 million credit line to Gazprom, on terms favourable to both parties, with Alfa Bank assuming US$ 350 million Credit risk exposure.
The strategic partnership includes a joint position on the indebted Gazprom subsidiary, SIBUR. During the meeting an agreement was signed, providing for Alfa Bank to take over SIBUR’s debts on terms satisfactory to the both parties. According to Alfa Bank President, Peter Aven, teamwork with Gazprom fits the strategic aims of the Bank’s activities.
“^;It is our intention to build a long-term and mutually beneficially partnership. I am certain that in the near future we will increase our credit risk exposure to Gazprom. Moreover, we are seriously assessing the possibility to continue lending to SIBUR, as an integral part of our cooperation agreement with Gazprom” &151; emphasised the Alfa Bank President. For his part Chairman of the Board, Alexei Miller noted: “^;When we talk about partnership, we are talking about stability and observing the terms of our agreements. Our cooperation in the area of provision of credit lines is inextricably linked to the realisation of Gazprom’s project financing schemes”.
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