OREANDA-NEWS. December 30, 2009. Vnesheconombank has provided the first tranche of about 1 billion rubles to finance the Urengoy Electric Power Station Construction Project (the city of Novyi Urengoy) subject to the credit agreement signed earlier with OJSC INTER RAO EES under which Vnesheconombank is to extend a bridge-credit worth 8 billion rubles.

The Urengoy Electric Power Station Construction Project is being implemented under the General Scheme for the Deployment of Electric Energy Facilities till 2020. The Scheme was approved by the Russian Government’s Order. The project is designed to secure the Tyumen energy system’s stability, supply power to the region’s oil and gas producing companies and create favorable conditions to maintain and increase hydrocarbons production levels. The project is being implemented with the use of the latest steam and gas technologies enhancing its energy efficiency.

Vnesheconombank’s participation in financing this project has been approved by VEB’s Supervisory Board.

Under Vnesheconombank’s Memorandum on Financial Policies, one of the Bank’s most important lines of investment activity is its participation in projects aimed at improving the energy infrastructure and boosting the Russian economy’s energy efficiency.