OREANDA-NEWS. March 5, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Spain’s State Insurance Agency CESCE entered into a Memorandum on Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of CESCE – by Managing Director Joaquim De la Herran.

The Memorandum signed provides for bilateral cooperation in providing support for the project aimed at reconstructing and modernizing of the functioning enterprise, the Khabarovsk Oil Refinery (OJSC), with the project’s total amount being 990 million dollars. Equipment supplies will be made against the Spanish Insurance Agency’s guarantees.

The Memorandum was signed to build on the agreements made earlier between CESCE and Vnesheconombank and aims to strengthen and promote mutually beneficial trade and economic cooperation between Russia and Spain.

Under the Memorandum on Vnesheconombank’s Financial Policies providing support for investment projects aimed at addressing top-priority objectives of regions’ socio-economic development, developing power engineering and transport infrastructure and boosting efficiency of natural resources utilization are top-priority lines of the Bank’s investment activity.