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VEB.RF-Supported Project Included on Intergovernmental Russian-Chinese Commission’s List

1 december 2021 года
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The VEB.RF-supported project to build the gas-to-chemicals facility at Ust-Luga (under the ethane-containing gas processing project) was included on the list of important projects at the eighth meeting of the Intergovernmental Russian-Chinese Commission on Investment Cooperation (IGC). The IGC co-chairmen, Andrei Belousov, First Deputy Prime Minister of the Russian Federation, and Han Zheng, Vice-Premier of the State Council of the People’s Republic of China, were in charge of the meeting.

“The Ust-Luga ethane-containing gas processing project is of nationwide significance. It has Chinese participation, and some of its products will be supplied to the Chinese market. The fact that the gas-to-chemicals facility is now on the IGC list of projects means the project will get the necessary support, which is of benefit to both Russia and China,” said Daniil Algulyan, Deputy Chairman and Member of the Management Board, VEB.RF.

Additionally, the parties discussed the current status and growth prospects of investment cooperation. The IGC secretariats, the Consultative Business Committee, national development institutions and companies reported on their performance. The meeting gave particular attention to bilateral cooperation in COVID-19 vaccine production and gas-to-chemicals projects.

VEB.RF became actively involved with the IGC in 2014. VEB.RF is participating in work on 14 projects in the IGC’s pipeline, with six of them to receive financing from VEB.RF.

To support projects within the IGC, VEB.RF and China Development Bank (CDB) signed a framework agreement for project financing for 15 years and are active in fulfilling its conditions. For example, as part of their cooperation in the project to supply 15 ice-class gas carriers to Arctic LNG 2, CDB lent VEB.RF 4 billion yuan.

In collaboration with the Russian Ministry of Economic Development in 2021, VEB.RF fine-tuned and put into operation an electronic system (mpk-cn.ru) enabling more than 200 IGC members to monitor IGC projects on a twenty-four seven basis.

As an IGC member, VEB.RF intends to contribute to the successful implementation of IGC-supported projects and continue to be actively involved with the IGC.


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