Vnesheconombank Signs Memorandum of Mutual Understanding with Agro-Chemical Corporation Azot and Chancellor House Holdings (Pty) LTD (the Republic of South Africa)
Press Release, 19.03.2007
Today, on March 19, in the course of Russian Prime Minister Mikhail Fradkov’s visit to the Republic of South Africa, Agro-Chemical Corporation Azot, Chancellor House Holdings (Pty) LTD (the Republic of South Africa) and Vnesheconombank signed a Memorandum of Mutual Understanding.
The Memorandum was signed by Agro-Chemical Corporation Azot President Mikhail Golubev, Chancellor House Holdings (Pty) LTD Chairman Taole Mokoena and Vnesheconombank First Deputy Chairman Nikolai Kosov.
The Memorandum was signed to carry out the project aimed at building a Russian – South African joint venture to manufacture mineral fertilizers.
Under the Memorandum Vnesheconombank will provide a wide range of financial and consulting services to the parties to the Memorandum and will assist in attracting financial resources to carry out joint projects. Payments between the parties are to be made through Vnesheconombank.
The signing of the Memorandum and establishing a joint venture would be a significant step in promoting bilateral cooperation between the Russian Federation and African countries and would be highly instrumental in expanding Russian-South African trade and economic ties.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93. Fax: +7 (495) 975-21-34
E-mail: press@veb.ru
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