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Development Bank Signs First Contract

NOVECON: Russia/CIS Energy Digest The state-controlled Bank for the Development of Foreign Economic Operations (VNESHECONOMBANK, VEB) has signed an agreement to cooperate with the Voronezh regional administration. According to a VEB report, the bank is considering a biodiesel making facility construction project undertaken by the ANTOIL-M company in the Voronezh region. Project financing is estimated at $30 million. VEB is also to consider taking part in other investment projects in the Voronezh region. These include the building of an oil refinery, worth about R7.5 billion and with a capacity of 5.1m tonnes of oil and the development of the Kazinskoye deposit.

Date:  13.06.2007

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