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Russian bank subsidiary signs Iraq supply deal

October 11, 2002. TAG: Investment

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

A1 is one of the leading players on the investment market in Russia and the CIS making equity investments in various industries, pursuing the interests of its shareholders, clients and partners. A1 focuses on investment projects of two types: special situations and growth strategies. Alfa-Bank (Russia), TNK, VimpelCom, Perekrestok and Rosvodokanal Group were originally A1 projects that later became strategic businesses for Alfa Group as well as core companies for the wider Russian economy. 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.